Hong Kong bank deposits rise in November as lending stays flat

The Hong Kong dollar loan-to-deposit ratio edged down to 73.2% at end-November from 73.6% at end-October. 

Deposits with authorised institutions in Hong Kong increased in November 2025, whilst lending remained broadly flat, according to monetary statistics released by the Hong Kong Monetary Authority (HKMA).

The HKMA said total deposits rose 0.7% in November. Hong Kong dollar deposits increased 0.2%, whilst foreign currency deposits rose 1.1%. Over the 12 months to end-November, total deposits increased 10.5%, with Hong Kong dollar deposits up 3.4%.

Renminbi deposits in Hong Kong increased 0.6% in November to RMB 1.0b. Renminbi remittances for cross-border trade settlement amounted to RMB1.03b during the month, compared with RMB1.0b in October.

The HKMA cautioned that month-on-month movements in deposits can be affected by factors such as interest rate changes and fund-raising activities, and said it is more appropriate to assess longer-term trends rather than focusing on short-term fluctuations.

On the lending side, total loans and advances increased 0.1% in November and were up 1.0% over the year to end-November. Loans for use in Hong Kong, including trade finance, declined 0.1% during the month, whilst loans for use outside Hong Kong rose 0.4%.

The Hong Kong dollar loan-to-deposit ratio edged down to 73.2% at end-November from 73.6% at end-October. The HKMA said this reflected an increase in Hong Kong dollar deposits alongside a decline in Hong Kong dollar loans.

Money supply measures increased during the month. Hong Kong dollar M2 and M3 both rose 0.2% in November and were up 4.5% YoY.

Seasonally adjusted Hong Kong dollar M1 increased 1.2% during the month and 14.9% from a year earlier, which the HKMA said partly reflected investment-related activities. Total M2 and M3 each rose 0.9% in November and were up 11.2% YoY.

The HKMA reiterated that monthly monetary statistics can be volatile due to transient factors such as seasonal funding needs and business or investment activity, and said the figures should be interpreted with caution.