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Monetary Statistics for April 2024

In April 2024, total deposits with authorized institutions in Hong Kong increased by 2.2%. This included a 0.5% rise in Hong Kong dollar deposits and a 3.7% increase in foreign currency deposits. Over the year to the end of April, total deposits grew by 2.1% and Hong Kong dollar deposits increased by 0.7%. Renminbi deposits in Hong Kong rose by 15.2% in April to reach RMB1,088.2 billion, reflecting corporate fund flows. Cross-border renminbi trade settlement totaled RMB1,257.0 billion in April, up slightly from RMB1,248.4 billion in March. However, the report cautions that monthly deposit changes can be affected by various temporary factors, so longer-term trends are more meaningful to observe. In contrast, total loans and advances decreased by 1.0% in April, including a 0.6% drop in loans for use in Hong Kong and a 2.3% decline in loans for overseas use. As a result, the Hong Kong dollar loan-to-deposit ratio fell from 83.2% at the end of March to 82.1% at the end of April. Hong Kong dollar M2 and M3 both increased by 0.5% in April and over the past year. However, seasonally-adjusted Hong Kong dollar M1 rose 0.4% in April but declined 9.9% year-over-year, likely reflecting investment-related activities. The report emphasizes the need for caution in interpreting monthly monetary statistics due to short-term volatility from various factors. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/05/20240531-8/

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