Monetary Statistics for February 2025

According to statistics published today (31 March) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.3% in February 2025.  Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 2.1% and 0.6% respectively in February. In the first two months of 2025, total deposits and Hong Kong dollar deposits increased by 2.7% and 3.4% respectively. Renminbi deposits in Hong Kong increased by 4.9% in February to RMB1,035.3 billion at the end of February, mainly reflecting fund flows of corporates.  The total remittance of renminbi for cross-border trade settlement amounted to RMB1,064.1 billion in February, compared with RMB1,377.4 billion in January.  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 0.2% in February, and decreased by 0.5% in the first two months of 2025.  Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 0.2% and 0.4% respectively in February.  The Hong Kong dollar loan-to-deposit ratio decreased to 73.5% at the end of February from 75.7% at the end of January, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

Hong Kong dollar M2 and M3 both increased by 1.8% in February, and both increased by 6.8% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 increased by 4.4% in February and increased by 5.3% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 0.9% in February.  Compared to a year earlier, total M2 and total M3 both increased by 10.4%.  

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 March 2025