Monetary Statistics for January 2026

According to statistics published today (27 February) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.1% in January 2026.  Among the total, Hong Kong dollar deposits increased by 1.3%, while foreign currency deposits decreased by 1.1% in January, mainly reflecting fund flows of corporates.  Renminbi deposits in Hong Kong increased by 3.5% in January to RMB993.9 billion at the end of January.  The total remittance of renminbi for cross-border trade settlement amounted to RMB1,016.4 billion in January, compared with RMB1,177.4 billion in December.  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 January.  Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.7% and 2.2% respectively in January.  The Hong Kong dollar loan-to-deposit ratio decreased to 72.3% at the end of January from 72.9% at the end of December, as Hong Kong dollar deposits increased at a faster pace than Hong Kong dollar loans.

Hong Kong dollar M2 and M3 both increased by 1.1% in January, and both increased by 3.8% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 increased by 2.6% in January, and increased by 16.9% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both remained virtually unchanged in January.  Compared to a year earlier, total M2 and total M3 increased by 9.9% and 9.8% respectively.  

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
27 February 2026