HKMA：Monetary Statistics for March 2023
According to statistics published today (28 April) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.9% in March 2023. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 1.2% and 0.5% respectively in March. In the first quarter of 2023, total deposits and Hong Kong dollar deposits increased by 0.5% and 2.6% respectively. Renminbi deposits in Hong Kong decreased by 2.4% in March to RMB794.1 billion at the end of March. The total remittance of renminbi for cross-border trade settlement amounted to RMB949.6 billion in March, compared with RMB747.7 billion in February. 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 0.2% in March, and increased by 0.9% in the first quarter of 2023. Among the total, loans for use in Hong Kong (including trade finance) increased by 0.5% in March, while loans for use outside Hong Kong decreased by 0.6%. The Hong Kong dollar loan-to-deposit ratio decreased to 88.2% at the end of March from 88.4% at the end of February, as Hong Kong dollar deposits increased by a larger extent than Hong Kong dollar loans.
For the first quarter of 2023 as a whole, loans for use in Hong Kong (including trade finance) rose by 1.4% after declining by 1.3% in the previous quarter. Analysed by economic use, the increase in loans during the first quarter was mainly led by loans to building, construction, property development and investment, and residential mortgage loans.
Hong Kong dollar M2 and M3 both increased by 1.1% in March and both rose by 0.9% when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 rose by 0.4% in March and decreased by 20.5% compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both rose by 0.9% in March. Compared to a year earlier, total M2 and total M3 both rose by 1.4%.
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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