Monetary Statistics for October 2024

The Hong Kong Monetary Authority reported that total deposits with authorized institutions were stable in October 2024, with Hong Kong dollar deposits rising by 0.4% and foreign currency deposits falling by 0.3%. Year-to-date, total deposits and Hong Kong dollar deposits grew by 5.8% and 2.8%, respectively. Renminbi deposits dropped by 5.8% to RMB957.8 billion, reflecting corporate fund flows. Total loans and advances fell by 1.1% in October and 3.2% year-to-date, with the Hong Kong dollar loan-to-deposit ratio declining to 77.5%. Monetary aggregates (M2 and M3) showed slight monthly growth and significant annual increases, reflecting investment-related activities. The HKMA emphasized observing longer-term trends due to monthly volatilities.

Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/11/20241129-6/