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Home»ADOPTION NEWS»Hong Kong Monetary Authority reports 0.6% increase in total deposits in July 2024
ADOPTION NEWS

Hong Kong Monetary Authority reports 0.6% increase in total deposits in July 2024

By Crypto FlexsSeptember 1, 20242 Mins Read
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Hong Kong Monetary Authority reports 0.6% increase in total deposits in July 2024
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Ted Hisokawa
30 Aug 2024 18:54

The Hong Kong Monetary Authority reported that total deposits increased by 0.6% in July 2024, with notable changes across various deposit categories.





According to statistics released by the Hong Kong Monetary Authority (HKMA), total deposits in licensed institutions increased by 0.6% in July 2024. The growth included both Hong Kong dollar deposits and foreign currency deposits, which increased by 0.2% and 0.9% respectively.

Deposit Trends and Renminbi Activity

Total deposits increased by 3.8% in the year to the end of July, and Hong Kong dollar deposits increased by 1.3%. However, Hong Kong’s RMB deposits showed a slight decrease of 0.4%, ending the month at 1,057.5 billion yuan. Total RMB remittances for cross-border trade settlements were 1,281.5 billion yuan in July, up from 1,260.8 billion yuan in June.

The HKMA stressed that deposit fluctuations are influenced by a variety of factors, including interest rate fluctuations and fundraising activities, and therefore long-term trends should be prioritized over short-term monthly fluctuations.

Loans and Advances

Total loans and advances decreased by 1.0% in July and 2.9% for the year ended July 31. Domestic lending, including trade finance, decreased by 1.4%, while lending outside Hong Kong increased by 0.3%. As a result, the Hong Kong dollar loan-to-deposit ratio decreased from 81.3% at the end of June to 80.0% at the end of July.

Currency counting

Hong Kong dollar M2 and M3 both rose by 0.3% in July, up 2.0% year-on-year. Seasonally adjusted Hong Kong dollar M1 rose by 2.8% in July, but declined by 3.0% year-on-year, partly due to investment-related activities. Total M2 and M3 both rose by 0.7% in July, up 7.1% year-on-year.

The HKMA warned that monthly currency statistics are subject to volatility caused by various temporary factors such as seasonal demand, IPO-related funding requirements, business and investment activities, etc. Therefore, it is advisable to interpret the data with caution.

For further details, please see the full report on the Hong Kong Monetary Authority website.

Image source: Shutterstock


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