Monetary statistics for November 2022
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According to statistics published today (December 30) by the Hong Kong Monetary Authority, total deposits with Authorized Institutions increased by 0.7 per cent in November 2022. Among the total, Hong Kong dollar deposits increased by 1.4 per cent and foreign currency deposits edged up by 0.1 per cent. In the year to end-November, total deposits rose by 1.1 per cent while Hong Kong dollar deposits decreased by 0.5 per cent. Renminbi deposits in Hong Kong increased by 0.8 per cent in November to RMB892.3 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,028.6 billion in November, compared with RMB738.1 billion in October. 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 decreased by 0.3 per cent in November, and decreased by 2.2 per cent in the year to end-November. Among the total, loans for use in Hong Kong (including trade finance) edged up by 0.1 per cent in November while loans for use outside Hong Kong decreased by 1.5 per cent. The Hong Kong dollar loan-to-deposit ratio decreased to 89.6 per cent at the end of November from 90.8 per cent at the end of October, as Hong Kong dollar deposits increased by a larger extent than Hong Kong dollar loans.
Hong Kong dollar M2 and M3 both rose by 1.2 per cent in November and were both lower by 1.1 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 remained virtually unchanged in November, and decreased by 16.7 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both rose by 0.9 per cent in November. Compared to a year earlier, total M2 and total M3 both rose by 1.3 per cent.
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, December 30, 2022
Issued at HKT 16:30
Issued at HKT 16:30
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