Monetary Statistics for November 2017
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According to statistics published today (December 29) by the Hong Kong Monetary Authority, total deposits with authorised institutions decreased by 2.2 per cent in November 2017. As the decline in demand and time deposits exceeded the increase in savings deposits, Hong Kong-dollar deposits dropped by 6.4 per cent during the month. Overall foreign-currency deposits increased by 2.5 per cent in November. Renminbi deposits in Hong Kong expanded by 3.5 per cent to RMB559.2 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB440.5 billion in November, compared with RMB314.5 billion in October.
Total loans and advances went down by 3.0 per cent in November. Excluding the initial public offering loans (around HK$379 billion) straddling the end of October, the loan growth in November would have increased by 1.0 per cent. Among the total, loans for use in Hong Kong (including trade finance) declined by 4.7 per cent from a month ago while loans for use outside Hong Kong rose by 1.2 per cent. As Hong Kong-dollar loans decreased at a slower pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio picked up to 81.0 per cent at the end of November from 80.2 per cent at the end of October.
Seasonally adjusted Hong Kong-dollar M1 decreased by 1.9 per cent in November but expanded by 13.6 per cent year on year. Seasonally unadjusted Hong Kong-dollar M3 went down by 5.9 per cent during the month but rose by 11.6 per cent from a year earlier.
Ends/Friday, December 29, 2017
Issued at HKT 16:30
Issued at HKT 16:30
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