Monetary Statistics for May 2025

According to statistics published today (30 June) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 2.5% in May 2025.  Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 3.4% and 1.8% respectively in May, mainly reflecting fund flows of corporates.  In the year to end-May, total deposits and Hong Kong dollar deposits increased by 6.7% and 7.9% respectively.  Renminbi deposits in Hong Kong decreased by 5.4% in May to RMB975.6 billion at the end of May, mainly reflecting fund flows of corporates.  The total remittance of renminbi for cross-border trade settlement amounted to RMB1,123.6 billion in May, compared with RMB1,362.1 billion in April.  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 0.9% in May, and increased by 1.4% in the year to end-May.  Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.9% and 1.1% respectively in May.  The Hong Kong dollar loan-to-deposit ratio decreased to 70.5% at the end of May from 72.3% at the end of April, as Hong Kong dollar deposits increased at a faster pace than Hong Kong dollar loans.

Hong Kong dollar M2 and M3 both increased by 3.2% in May and both increased by 9.5% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 increased by 12.3% in May and increased by 18.5% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 2.5% in May.  Compared to a year earlier, total M2 and total M3 both increased by 10.7%.  

As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.

Annex

Hong Kong Monetary Authority
30 June 2025