Category Fraud Alerts HK

According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 6.4% in October 2020. Among the total, Hong Kong dollar deposits and overall foreign currency deposits grew by 9.8% and 2.6% respectively. Renminbi deposits in Hong Kong increased by 1.8% to RMB680.1 billion at the end of October. The total remittance of renminbi for cross-border trade settlement amounted to RMB414.2 billion in October, compared with RMB593.1 billion in September.

Total loans and advances increased by 4.7% in October. Among the total, loans for use in Hong Kong (including trade finance) expanded by 7.1%, while loans for use outside Hong Kong decreased by 1.3%. The Hong Kong dollar loan-to-deposit ratio decreased to 84.0% at the end of October from 85.2% at the end of September, as Hong Kong dollar deposits increased at a faster pace than Hong Kong dollar loans.

In October, changes in deposits and loans were partly driven by initial public offering (IPO) activities. Excluding IPO loans and the resulting creation of deposits, total deposits and Hong Kong dollar deposits would have increased by 3.1% and 3.5% respectively in October, and total loans and advances would have increased by 0.2% in October.

Hong Kong dollar M2 and M3 both expanded by 9.2% in October, and grew by 20.5% compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 1.1% in October, and rose by 23.8% compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 both went up by 5.9% in October, and expanded by 14.4% and 14.3% respectively from a year earlier. Excluding deposits created by IPO loans, Hong Kong dollar M2 and M3 both would have increased by 3.3% in October, and increased by 8.7% compared to a year ago. Total M2 and M3 both would have increased by 2.8% in October, and grew by 8.4% and 8.3% respectively compared to a year ago.

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 November 2020


Source link

Is your business effected by Cyber Crime?

If a cyber crime or cyber attack happens to you, you need to respond quickly. Cyber crime in its several formats such as online identity theft, financial fraud, stalking, bullying, hacking, e-mail fraud, email spoofing, invoice fraud, email scams, banking scam, CEO fraud. Cyber fraud can lead to major disruption and financial disasters. Contact Digitpol’s hotlines or respond to us online.

Digitpol is available 24/7.

ASIA +85239733884
Europe +31558448040
UK +44 20 8089 9944