Monetary Statistics for November 2024

According to statistics published today (31 December) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.3% in November 2024.  Among the total, Hong Kong dollar deposits decreased by 0.9%, while foreign currency deposits increased by 1.3% in November, mainly reflecting fund flows of corporates.  In the year to end-November, total deposits and Hong Kong dollar deposits grew by 6.1% and 1.9% respectively.  Renminbi deposits in Hong Kong increased by 3.5% in November to RMB991.8 billion at the end of November.  The total remittance of renminbi for cross-border trade settlement amounted to RMB 1,333.7 billion in November, compared with RMB1,218.0 billion in October.  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 0.1% in November, while decreased by 3.1% in the year to end-November.  Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong both increased by 0.1% in November.  The Hong Kong dollar loan-to-deposit ratio increased to 78.0% at the end of November from 77.5% at the end of October, as Hong Kong dollar deposits decreased by a larger extent than Hong Kong dollar loans.

Hong Kong dollar M2 and M3 both decreased by 0.8% in November, while increased by 2.3% and 2.4% respectively when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 decreased by 1.7% in November and increased by 1.6% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 0.3% in November.  Compared to a year earlier, total M2 and total M3 both increased by 7.3%.  

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 December 2024