Monetary statistics for December 2022
According to statistics published today (January 31) by the Hong Kong Monetary Authority, total deposits with Authorized Institutions increased by 0.6 per cent in December 2022. Among the total, Hong Kong dollar deposits increased by 1.2 per cent while foreign currency deposits remained virtually unchanged. For 2022 as a whole, total deposits rose by 1.7 per cent and Hong Kong dollar deposits increased by 0.7 per cent. Renminbi deposits in Hong Kong decreased by 6.3 per cent in December to RMB835.9 billion at the end of December. The total remittance of renminbi for cross-border trade settlement amounted to RMB804.8 billion in December, compared with RMB1,028.6 billion in November. 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 0.8 per cent in December, and decreased by 3.0 per cent for 2022 as a whole. Among the total, loans for use in Hong Kong (including trade finance) decreased by 0.4 per cent in December and loans for use outside Hong Kong decreased by 2.0 per cent. The Hong Kong dollar loan-to-deposit ratio decreased to 88.4 per cent at the end of December from 89.6 per cent at the end of November, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.
For the fourth quarter of 2022 as a whole, loans for use in Hong Kong (including trade finance) decreased by 1.3 per cent after declining by 0.8 per cent in the previous quarter. Analysed by economic use, the decrease in loans during the fourth quarter was mainly led by trade finance.
Hong Kong dollar M2 and M3 both rose by 1.1 per cent in December and both increased by 0.6 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 3.0 per cent in December, and decreased by 17.8 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both rose by 0.8 per cent in December. Compared to a year earlier, total M2 and total M3 both rose by 1.6 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/Tuesday, January 31, 2023
Issued at HKT 16:35
Issued at HKT 16:35