Monetary Statistics for March 2025

According to statistics published today (30 April) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.8% in March 2025.  Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 1.6% and 0.1% respectively in March. In the first quarter of 2025, total deposits and Hong Kong dollar deposits increased by 3.5% and 5.1% respectively.  Renminbi deposits in Hong Kong decreased by 7.3% in March to RMB959.8 billion at the end of March, mainly reflecting fund flows of corporates.  The total remittance of renminbi for cross-border trade settlement amounted to RMB1,184.0 billion in March, compared with RMB1,064.1 billion in February.  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 1.1% in March, and increased by 0.6% in the first quarter of 2025.  Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 1.2% and 0.8% respectively in March.  The Hong Kong dollar loan-to-deposit ratio decreased to 72.3% at the end of March from 73.5% at the end of February, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

For the first quarter of 2025 as a whole, loans for use in Hong Kong (including trade finance) increased by 0.5% after decreasing by 0.1% in the previous quarter. Analysed by economic use, loans to financial concerns increased, while loans to building, construction, property development and investment decreased.

Hong Kong dollar M2 and M3 both increased by 1.5% in March, and both increased by 7.7% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 increased by 0.8% in March and increased by 7.0% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 0.7% in March.  Compared to a year earlier, total M2 and total M3 both increased by 10.8%.  

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 April 2025