Monetary Statistics for May 2026

According to statistics published today (30 June) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 2.3% in May 2026.  Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 1.2% and 3.2% respectively in May, mainly reflecting fund flows of corporates.  In the year to end-May, total deposits and Hong Kong dollar deposits increased by 4.8% and 4.4% respectively.  Renminbi deposits in Hong Kong increased by 5.3% in May to RMB1,134.7 billion at the end of May, mainly reflecting fund flows of corporates.  The total remittance of renminbi for cross-border trade settlement amounted to RMB1,129.6 billion in May, compared with RMB1,214.6 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 1.4% in May, and increased by 5.0% 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 both increased by 1.4% in May.  The Hong Kong dollar loan-to-deposit ratio decreased to 71.0% at the end of May from 71.6% 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 1.1% in May, and increased by 1.1% and 1.0% respectively when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 decreased by 0.6% in May, while increased by 2.0% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both increased by 2.4% in May.  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
30 June 2026