Monetary Statistics for September 2024

As of October 31, 2024, the Hong Kong Monetary Authority reported a 0.8% increase in total deposits for September, with Hong Kong dollar and foreign currency deposits rising by 0.9% and 0.6%, respectively. Year-over-year, total deposits grew by 5.8%. Renminbi deposits reached RMB1,016.3 billion, while cross-border trade remittances were slightly lower at RMB1,267.2 billion. Total loans and advances rose by 0.5% in September but declined by 2.1% year-to-date, with a decrease in the Hong Kong dollar loan-to-deposit ratio. The third quarter saw a 0.8% decrease in loans for use in Hong Kong. Both Hong Kong dollar M2 and M3 increased by 0.9% in September, with caution advised in interpreting these volatile monthly statistics.

Resources: https://://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/10/20241031-7/