Monetary Statistics for November 2025

According to statistics published today (31 December) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.7% in November 2025.  Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.2% and 1.1% respectively in November.  In the year to end-November, total deposits and Hong Kong dollar deposits increased by 10.5% and 3.4% respectively.  Renminbi deposits in Hong Kong increased by 0.6% in November to RMB1,002.0 billion at the end of November.  The total remittance of renminbi for cross-border trade settlement amounted to RMB1,033.0 billion in November, compared with RMB1,006.6 billion in October.  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 0.1% in November, and increased by 1.0% in the year to end-November.  Among the total, loans for use in Hong Kong (including trade finance) decreased by 0.1% while loans for use outside Hong Kong increased by 0.4% in November.  The Hong Kong dollar loan-to-deposit ratio decreased to 73.2% at the end of November from 73.6% at the end of October, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

Hong Kong dollar M2 and M3 both increased by 0.2% in November, and both increased by 4.5% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 increased by 1.2% in November, and increased by 14.9% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 0.9% in November.  Compared to a year earlier, total M2 and total M3 both increased by 11.2%.  

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
31 December 2025