In July 2024, total deposits with authorized institutions in Hong Kong rose by 0.6%, with Hong Kong dollar deposits and foreign currency deposits increasing by 0.2% and 0.9%, respectively. Year-to-date, total deposits grew by 3.8%, but renminbi deposits fell by 0.4% to RMB1,057.5 billion. Total loans and advances decreased by 1.0% in July and 2.9% year-to-date, with loans for use in Hong Kong falling by 1.4%. The Hong Kong dollar loan-to-deposit ratio decreased to 80.0%. Monetary aggregates showed mixed results, with M2 and M3 both up 0.3% for the month and 2.0% year-over-year, while M1 increased by 2.8% in July but decreased by 3.0% year-over-year. These statistics, influenced by various factors, should be interpreted with caution, focusing on long-term trends rather than short-term fluctuations.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/08/20240830-6/