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Home»ADOPTION NEWS»Hong Kong Monetary Authority reports 1.1% increase in deposits in May 2024
ADOPTION NEWS

Hong Kong Monetary Authority reports 1.1% increase in deposits in May 2024

By Crypto FlexsJune 28, 20242 Mins Read
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Hong Kong Monetary Authority reports 1.1% increase in deposits in May 2024
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According to the Hong Kong Monetary Authority (HKMA), total deposits in Hong Kong’s licensed institutions increased by 1.1% in May 2024. According to data released on June 28, Hong Kong dollar deposits increased by 0.3% and foreign currency deposits increased by 1.8%.

Deposit growth rate and Yuan trend

As of the end of May, total deposits increased by 3.2% compared to the previous year, and Hong Kong dollar deposits increased by 0.9%. In particular, Hong Kong yuan deposits surged 4.2%, reaching 1.134 trillion yuan. This increase is primarily due to corporate funding flows. However, the total amount of yuan remittances for cross-border trade payments decreased from 1.257 trillion yuan in April to 1.1832 trillion yuan in May.

The HKMA stressed that deposit fluctuations are influenced by a number of factors, including interest rate fluctuations and fundraising activities, so it is important to observe long-term trends rather than draw conclusions from monthly fluctuations.

Loans and Advances

In contrast to the increase in deposits, total loans and advances fell 0.4% in May and 2.4% in the year to the end of May. Loans used within Hong Kong, including trade finance, decreased by 0.3%, while loans used outside Hong Kong decreased by 0.7%. As a result, the Hong Kong dollar loan-to-deposit ratio decreased from 82.1% at the end of April to 81.4% at the end of May.

currency tally

Hong Kong dollar M2 and M3 both increased by 0.4% in May, up 1.5% compared to the same period last year. However, the seasonally adjusted Hong Kong dollar M1 fell 0.1% in May and 8.4% year-on-year, partly due to investment-related activity. Total M2 and M3 increased 1.2% in May and 7.8% year-on-year.

The HKMA cautioned that monthly currency statistics may fluctuate due to various temporary factors such as seasonal demand, IPO-related funding, business or investment activities, etc. Therefore, these statistics should be interpreted with caution.

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

Image source: Shutterstock



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