Monetary Statistics for September 2024

The following is issued on behalf of the Hong Kong Monetary Authority:

     According to statistics published today (October 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.8 per cent in September 2024. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.9 per cent and 0.6 per cent respectively in September. In the year to end-September, total deposits and Hong Kong dollar deposits grew by 5.8 per cent and 2.5 per cent respectively. Renminbi deposits in Hong Kong increased by 0.2 per cent in September to RMB1,016.3 billion at the end of September. The total remittance of renminbi for cross-border trade settlement amounted to RMB 1,267.2 billion in September, compared with RMB1,267.9 billion in August. 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 0.5 per cent in September, while decreased by 2.1 per cent in the year to end-September. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.5 per cent and 0.8 per cent respectively in September. The Hong Kong dollar loan-to-deposit ratio decreased to 78.4 per cent at the end of September from 79.3 per cent at the end of August, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.
      
     For the third quarter of 2024 as a whole, loans for use in Hong Kong (including trade finance) decreased by 0.8 per cent after increasing by 0.3 per cent in the previous quarter. Analysed by economic use, loans to stockbrokers increased, while loans to building, construction, property development and investment decreased.
      
     Hong Kong dollar M2 and M3 both increased by 0.9 per cent in September and both increased by 3.0 per cent when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 increased by 3.6 per cent in September and increased by 3.2 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.6 per cent in September. Compared to a year earlier, total M2 and total M3 both increased by 8.5 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.

Release Schedule of Monetary Statistics in Hong Kong

     The monthly release schedule of monetary statistics in Year 2025 is as follows.