Monetary Statistics for May 2021
According to statistics published today (June 30) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased by 1.2 per cent in May 2021, and monetary statistics for the month were not affected by IPO activity. Among the total, Hong Kong dollar deposits and overall foreign currency deposits increased by 0.8 per cent and 1.6 per cent respectively. In the year to end-May, total deposits and Hong Kong dollar deposits grew by 2.4 per cent and 3.0 per cent respectively. Renminbi deposits in Hong Kong increased by 5.0 per cent to RMB821.1 billion at the end of May. The total remittance of renminbi for cross-border trade settlement amounted to RMB482.3 billion in May, compared with RMB561.8 billion in April.
Total loans and advances increased by 0.4 per cent in May, and grew by 3.0 per cent in the year to end-May. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.2 per cent and 0.9 per cent respectively. The Hong Kong dollar loan-to-deposit ratio decreased to 82.6 per cent at the end of May from 83.2 per cent at the end of April, as Hong Kong dollar deposits increased at a faster pace than Hong Kong dollar loans.
Hong Kong dollar M2 and M3 both went up by 0.6 per cent in May, and grew by 8.5 per cent compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 3.3 per cent in May, and rose by 27.8 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 both increased by 1.0 per cent in May, and rose by 7.1 per cent 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/Wednesday, June 30, 2021
Issued at HKT 16:30
Issued at HKT 16:30