Monetary Statistics for September 2024

According to statistics published today (31 October) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.8% in September 2024.  Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.9% and 0.6% respectively in September.  In the year to end-September, total deposits and Hong Kong dollar deposits grew by 5.8% and 2.5% respectively.  Renminbi deposits in Hong Kong increased by 0.2% in September to RMB1,016.3 billion at the end of September.  The total remittance of renminbi for cross-border trade settlement amounted to RMB 1,267.2 billion in September, compared with RMB1,267.9 billion in August.  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 0.5% in September, while decreased by 2.1% in the year to end-September.  Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.5% and 0.8% respectively in September.  The Hong Kong dollar loan-to-deposit ratio decreased to 78.4% at the end of September from 79.3% at the end of August, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

For the third quarter of 2024 as a whole, loans for use in Hong Kong (including trade finance) decreased by 0.8% after increasing by 0.3% in the previous quarter. Analysed by economic use, loans to stockbrokers increased, while loans to building, construction, property development and investment decreased.

Hong Kong dollar M2 and M3 both increased by 0.9% in September and both increased by 3.0% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 increased by 3.6% in September and increased by 3.2% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 0.6% in September.  Compared to a year earlier, total M2 and total M3 both increased by 8.5%.  

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
31 October 2024

Release Schedule of Monetary Statistics in Hong Kong

The monthly release schedule of monetary statistics in Year 2025 is as follows.