Monetary Statistics for July 2024

According to statistics published today (30 August) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.6% in July 2024.  Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.2% and 0.9% respectively in July.  In the year to end-July, total deposits and Hong Kong dollar deposits grew by 3.8% and 1.3% respectively.  Renminbi deposits in Hong Kong decreased by 0.4% in July to RMB1,057.5 billion at the end of July.  The total remittance of renminbi for cross-border trade settlement amounted to RMB 1,281.5 billion in July, compared with RMB1,260.8 billion in June.  It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities.  It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.

Total loans and advances decreased by 1.0% in July, and decreased by 2.9% in the year to end-July.  Among the total, loans for use in Hong Kong (including trade finance) decreased by 1.4% while loans for use outside Hong Kong increased by 0.3% in July.  The Hong Kong dollar loan-to-deposit ratio decreased to 80.0% at the end of July from 81.3% at the end of June, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

Hong Kong dollar M2 and M3 both increased by 0.3% in July and both increased by 2.0% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 increased by 2.8% in July while decreased by 3.0% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 0.7% in July.  Compared to a year earlier, total M2 and total M3 both increased by 7.1%.  

As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.

Annex

Hong Kong Monetary Authority
30 August 2024