HKMA:Monetary Statistics for November 2022
Among the total, Hong Kong dollar deposits increased by 1.4% and foreign currency deposits edged up by 0.1%. In the year to end-November, total deposits rose by 1.1% while Hong Kong dollar deposits decreased by 0.5%. Renminbi deposits in Hong Kong increased by 0.8% 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% in November, and decreased by 2.2% in the year to end-November. Among the total, loans for use in Hong Kong (including trade finance) edged up by 0.1% in November while loans for use outside Hong Kong decreased by 1.5%. The Hong Kong dollar loan-to-deposit ratio decreased to 89.6% at the end of November from 90.8% 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% in November and were both lower by 1.1% when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 remained virtually unchanged in November, and decreased by 16.7% compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both rose by 0.9% in November. Compared to a year earlier, total M2 and total M3 both rose by 1.3%.
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.
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