Monetary statistics for April 2022
According to statistics published today (May 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.3 per cent in April 2022. Among the total, Hong Kong dollar deposits decreased by 0.5 per cent, while foreign currency deposits remained virtually unchanged. In the year to end-April, total deposits and Hong Kong dollar deposits grew by 0.8 per cent and 1.6 per cent respectively. Renminbi deposits in Hong Kong increased by 6.4 per cent in April to RMB841.9 billion at the end of April. The total remittance of renminbi for cross-border trade settlement amounted to RMB742.5 billion in April, compared with RMB801.6 billion in March. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
Total loans and advances declined by 0.7 per cent in April, but rose by 0.5 per cent in the year to end-April. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 0.6 per cent and 0.9 per cent respectively in April. The Hong Kong dollar loan-to-deposit ratio increased to 85.6 per cent at the end of April from 85.2 per cent at the end of March, as Hong Kong dollar deposits decreased at a faster pace than Hong Kong dollar loans.
Hong Kong dollar M2 and M3 both declined by 0.4 per cent in April, but both went up by 1.2 per cent compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 1.4 per cent in April, but grew by 5.1 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 dropped by 0.3 per cent and 0.2 per cent respectively in April, but both increased by 3.7 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/Tuesday, May 31, 2022
Issued at HKT 17:50
Issued at HKT 17:50