HKMA Monetary Statistics for April 2024
According to statistics published today (31 May) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 2.2% in April 2024. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.5% and 3.7% respectively in April. In the year to end-April, total deposits and Hong Kong dollar deposits grew by 2.1% and 0.7% respectively. Renminbi deposits in Hong Kong increased by 15.2% in April to RMB1,088.2 billion at the end of April, mainly reflecting fund flows of corporates. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,257.0 billion in April, compared with RMB1,248.4 billion in March. 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 1.0% in April, and decreased by 2.0% in the year to end-April. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 0.6% and 2.3% respectively in April. The Hong Kong dollar loan-to-deposit ratio decreased to 82.1% at the end of April from 83.2% at the end of March, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.
Hong Kong dollar M2 and M3 both increased by 0.5% in April and both increased by 0.5% when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 0.4% in April while decreased by 9.9% compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 2.1% in April. Compared to a year earlier, total M2 and total M3 increased by 5.5% and 5.6% respectively.
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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