Monetary Statistics for October 2025

According to statistics published today (28 November) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.4% in October 2025.  Among the total, Hong Kong dollar deposits and foreign currency deposits decreased by 0.9% and 0.1% respectively in October, mainly reflecting fund flows of corporates.  In the year to end-October, total deposits and Hong Kong dollar deposits increased by 9.7% and 3.1% respectively.  Renminbi deposits in Hong Kong decreased by 0.6% in October to RMB996.2 billion at the end of October.  The total remittance of renminbi for cross-border trade settlement amounted to RMB1,006.6 billion in October, compared with RMB1,123.2 billion in September.  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 0.7% in October, while increased by 0.9% in the year to end-October.  Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 0.9% and 0.2% respectively in October.  The Hong Kong dollar loan-to-deposit ratio remained virtually unchanged at 73.6% at the end of October, as Hong Kong dollar loans and Hong Kong dollar deposits decreased at a similar pace.

Hong Kong dollar M2 and M3 both decreased by 0.6% in October, while both increased by 3.5% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 increased by 1.7% in October, and increased by 12.2% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both decreased by 0.3% in October.  Compared to a year earlier, total M2 and total M3 both increased by 10.6%.  

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
28 November 2025