Monetary Statistics for November 2024
According to statistics published today (31 December) by the Hong Kong
Monetary Authority, total deposits with authorized institutions
increased by 0. 3% in November 2024. Among the total, Hong Kong dollar
deposits decreased by 0. 9%, while foreign currency deposits increased
by 1. 3% in November, mainly reflecting fund flows of corporates. In
the year to end-November, total deposits and Hong Kong dollar deposits
grew by 6. 1% and 1. 9% respectively. Renminbi deposits in Hong Kong
increased by 3. 5% in November to RMB991. 8 billion at the end of
November. The total remittance of renminbi for cross-border trade
settlement amounted to RMB 1,333. 7 billion in November, compared with
RMB1,218. 0 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, while decreased by 3. 1% in
the year to end-November. Among the total, loans for use in Hong Kong
(including trade finance) and loans for use outside Hong Kong both
increased by 0. 1% in November. The Hong Kong dollar loan-to-deposit
ratio increased to 78. 0% at the end of November from 77. 5% at the
end of October, as Hong Kong dollar deposits decreased by a larger
extent than Hong Kong dollar loans.
Hong Kong dollar M2 and
M3 both decreased by 0. 8% in November, while increased by 2. 3% and
2. 4% respectively when compared to a year ago. The seasonally-
adjusted Hong Kong dollar M1 decreased by 1. 7% in November and
increased by 1. 6% compared to a year ago, reflecting in part
investment-related activities. Total M2 and total M3 both increased by
0. 3% in November. Compared to a year earlier, total M2 and total M3
both increased by 7. 3%.
As monthly monetary statistics are
subject to volatilities due to a wide range of transient factors, such
as seasonal and IPO-related funding demand as well as business and
investment-related activities, caution is required when interpreting
the statistics.
Annex Hong Kong Monetary Authority 31
December 2024