Monetary Statistics for August 2024

According to statistics published today (30 September) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.1% in August 2024.  Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.2% and 2.0% respectively in August.  In the year to end-August, total deposits and Hong Kong dollar deposits grew by 5.0% and 1.5% respectively.  Renminbi deposits in Hong Kong decreased by 4.1% in August to RMB1,014.1 billion at the end of August.  The total remittance of renminbi for cross-border trade settlement amounted to RMB 1,267.9 billion in August, compared with RMB1,281.5 billion in July.  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 increased by 0.3% in August, while decreased by 2.7% in the year to end-August.  Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.2% and 0.6% respectively in August.  The Hong Kong dollar loan-to-deposit ratio decreased to 79.3% at the end of August from 80.0% at the end of July, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

Hong Kong dollar M2 and M3 both increased by 0.2% in August and both increased by 1.9% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 decreased by 1.2% in August and decreased by 3.7% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 1.1% in August.  Compared to a year earlier, total M2 and total M3 both increased by 7.8%.  

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 September 2024