Monetary Statistics for November 2024

The Hong Kong Monetary Authority reported a 0.3% increase in total deposits with authorized institutions in November 2024, driven by a 1.3% rise in foreign currency deposits despite a 0.9% decline in Hong Kong dollar deposits. Renminbi deposits grew by 3.5% to RMB991.8 billion, while cross-border renminbi trade remittances rose to RMB1,333.7 billion. Total loans and advances increased by 0.1% in November but fell 3.1% year-to-date. The Hong Kong dollar loan-to-deposit ratio rose to 78.0%, reflecting a sharper drop in Hong Kong dollar deposits than loans. Monetary aggregates showed mixed trends, with total M2 and M3 rising 0.3% in November and 7.3% year-on-year. Fluctuations in monthly statistics should be interpreted with caution due to transient factors like seasonal and investment-related activities.

Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/12/20241231-8/