Monetary Statistics for July 2025

According to statistics published today (29 August) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.2% in July 2025. Among the total, Hong Kong dollar deposits decreased by 2.0% while foreign currency deposits increased by 1.9% in July, mainly reflecting fund flows of corporates.  In the year to end-July, total deposits and Hong Kong dollar deposits increased by 7.8% and 4.9% respectively.  Renminbi deposits in Hong Kong increased by 6.4% in July to RMB938.2 billion at the end of July, mainly reflecting fund flows of corporates.  The total remittance of renminbi for cross-border trade settlement amounted to RMB1,244.3 billion in July, compared with RMB1,223.5 billion in June.  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 1.1% in July, while increased by 1.3% in the year to end-July.  Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 1.0% and 1.7% respectively in July.  The Hong Kong dollar loan-to-deposit ratio increased to 73.1% at the end of July from 72.0% at the end of June, as Hong Kong dollar deposits decreased at a faster pace than Hong Kong dollar loans.

Hong Kong dollar M2 and M3 both decreased by 1.8% in July, while both increased by 6.2% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 decreased by 2.3% in July, while increased by 18.5% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 0.1% in July.  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 funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.

Annex

Hong Kong Monetary Authority
29 August 2025