HKMA:Monetary Statistics for January 2023
According to statistics published today (28 February) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.3% in January 2023. Among the total, Hong Kong dollar deposits increased by 2.4% and foreign currency deposits increased by 0.2%. Renminbi deposits in Hong Kong increased by 0.2% in January to RMB837.3 billion at the end of January. The total remittance of renminbi for cross-border trade settlement amounted to RMB615.2 billion in January, compared with RMB804.8 billion in December 2022. 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 increased by 1.3% in January. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 1.3% and 1.1% respectively. The Hong Kong dollar loan-to-deposit ratio decreased to 86.8% at the end of January 2023 from 88.4% at the end of December 2022, as Hong Kong dollar deposits increased at a faster pace than Hong Kong dollar loans.
Hong Kong dollar M2 and M3 both rose by 2.4% in January and both increased by 1.6% when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 remained virtually unchanged in January, while it decreased by 16.7% compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both rose by 1.3% in January. Compared to a year earlier, total M2 and total M3 both rose by 0.5%.
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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