, Hong Kong

Deposits inch up by 0.6% in November 2021

Total loans and advances “remained virtually unchanged.”

Total deposits with authorised institutions climbed by 0.6% in November 2021, according to the Hong Kong Monetary Authority.

Of the total, Hong Kong dollar deposits slipped by 0.1%, whilst foreign currency deposits rose by 1.4%.

Total deposits and Hong Kong dollar deposits inched up by 4.2%% and 2.2%, respectively,  in the year to end-November, the HKMA said.

Renminbi deposits in Hong Kong also increased by 4.1% to RMB868.7b at end-November, whilst total remittance of renminbi for cross-border trade settlement reached RMB606.6b during the month compared to RMB498.7b in October.

Meanwhile, total loans and advances “remained virtually unchanged” in November but rose 4.7% in the year to end-November, HKMA said, noting that loans for use in Hong Kong including trade finance increased by 0.2%, whilst loans to be used outside Hong Kong declined by 0.5%.

Total loans and advances decreased by 0.3% in October.

The Hong Kong dollar loan-to-deposit ratio rose to 85.7% at the end of the month from 84.9% by end-October.

HKMA noted that the monthly monetary statistics “are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO (initial public offering)-related funding demand as well as business and investment-related activities."

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