Monetary Statistics for March 2024

According to the Hong Kong Monetary Authority (HKMA), total deposits with authorized institutions increased by 0.2% in March 2024. This growth was driven by a 0.7% increase in Hong Kong dollar deposits, while foreign currency deposits decreased by 0.2%. In the first quarter of 2024, total deposits experienced a slight decline of 0.2%, while Hong Kong dollar deposits saw a modest increase of 0.1%. Renminbi deposits in Hong Kong decreased by 2.0% in March, reaching RMB944.7 billion at the end of the month. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,248.4 billion in March, compared to RMB1,064.4 billion in February. Total loans and advances increased by 0.8% in March, with loans for use in Hong Kong and loans for use outside Hong Kong showing growth of 0.8% and 0.7%, respectively. However, in the first quarter of 2024, total loans and advances experienced a decline of 1.0%. The Hong Kong dollar loan-to-deposit ratio decreased to 83.2% at the end of March from 83.7% at the end of February, primarily due to an increase in Hong Kong dollar deposits while Hong Kong dollar loans remained relatively unchanged. It should be noted that monthly monetary statistics can be influenced by transient factors, so caution is necessary when interpreting the data. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/04/20240430-10/