According to statistics published today (Wednesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.2% in May 2021, and monetary statistics for the month were not affected by IPO activity. Among the total, Hong Kong dollar deposits and overall foreign currency deposits increased by 0.8% and 1.6% respectively. In the year to end-May, total deposits and Hong Kong dollar deposits grew by 2.4% and 3.0% respectively. Renminbi deposits in Hong Kong increased by 5.0% to RMB821.1 billion at the end of May. The total remittance of renminbi for cross-border trade settlement amounted to RMB482.3 billion in May, compared with RMB561.8 billion in April.
Total loans and advances increased by 0.4% in May, and grew by 3.0% in the year to end-May. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.2% and 0.9% respectively. The Hong Kong dollar loan-to-deposit ratio decreased to 82.6% at the end of May from 83.2% at the end of April, as Hong Kong dollar deposits increased at a faster pace than Hong Kong dollar loans.
Hong Kong dollar M2 and M3 both went up by 0.6% in May, and grew by 8.5% compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 3.3% in May, and rose by 27.8% compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 both increased by 1.0% in May, and rose by 7.1% from a year earlier.
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.
Hong Kong Monetary Authority
30 June 2021
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