Monetary Statistics for December 2019
According to statistics published today (January 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions edged down by 0.1 per cent in December 2019. Among the total, Hong Kong dollar deposits edged down by 0.3 per cent; overall foreign-currency deposits increased by 0.1 per cent. Renminbi deposits in Hong Kong decreased by 0.9 per cent to RMB632.2 billion at the end of December. The total remittance of renminbi for cross-border trade settlement amounted to RMB541.1 billion in December, compared with RMB444.5 billion in November.
Total loans and advances increased by 0.1 per cent in December. Among the total, loans for use in Hong Kong (including trade finance) increased by 0.4 per cent while loans for use outside Hong Kong decreased by 0.7 per cent from a month ago. The Hong Kong-dollar loan-to-deposit ratio picked up to 90.3 per cent at the end of December from 90.0 per cent at the end of November, as Hong Kong-dollar deposits declined while Hong Kong-dollar loans stayed virtually unchanged.
In the fourth quarter of 2019, loans for use in Hong Kong (including trade finance) increased by 0.6 per cent following growth of 1.9 per cent in the previous quarter. Analysed by economic use, the increase in loans during the fourth quarter was mainly led by residential mortgage loans and loans to building, construction, property development and investment.
Hong Kong dollar M2 and M3 both edged down by 0.4 per cent in December, and rose by 2.4 per cent and 2.3 per cent respectively compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 0.6 per cent in December, but declined by 1.5 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 both edged down by 0.1 per cent in December, and expanded by 2.8 per cent and 2.7 per cent respectively from a year earlier.
As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.
Ends/Friday, January 31, 2020
Issued at HKT 18:56
Issued at HKT 18:56