According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.5% in September 2020. Among the total, Hong Kong dollar deposits and overall foreign currency deposits declined by 0.8% and 0.1% respectively. Renminbi deposits in Hong Kong decreased by 0.6% to RMB667.9 billion at the end of September. The total remittance of renminbi for cross-border trade settlement amounted to RMB593.1 billion in September, compared with RMB530.3 billion in August.

Total loans and advances declined by 0.8% in September. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 1.1% and 0.3% respectively. The Hong Kong dollar loan-to-deposit ratio edged up to 85.2% at the end of September from 85.1% at the end of August, as Hong Kong dollar deposits decreased at a faster pace than Hong Kong dollar loans.

In September, 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 both would have edged down only slightly by 0.2% in September, and total loans and advances would have decreased by 0.4% in September.

In the third quarter of 2020, loans for use in Hong Kong (including trade finance) went up by 4.7% following a 0.8% decline in the previous quarter. Analysed by economic use, the increase in loans during the third quarter was mainly led by loans to stockbrokers.

Hong Kong dollar M2 and M3 both declined by 0.7% in September, but grew by 10.8% and 10.7% respectively compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 0.8% in September, but expanded by 22.9% compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 both edged down by 0.2% in September, but expanded by 9.2% from a year earlier. Excluding deposits created by IPO loans, Hong Kong dollar M2 and M3 both would have edged down by 0.1% in September, but increased by 5.7% compared to a year ago. Total M2 and M3 both would have edged up by 0.1% in September, and went up by 6.6% 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.

 

Annex

 

Hong Kong Monetary Authority
30 October 2020

 

Release Schedule of Monetary Statistics in Hong Kong

The monthly release schedule of monetary statistics in Year 2021 is as follows.

                           Reference Month                           Release Date

                           January 2021                                 26 February 2021

                           February 2021                                31 March 2021

                           March 2021                                    30 April 2021

                           April 2021                                       31 May 2021

                           May 2021                                        30 June 2021

                           June 2021                                      30 July 2021

                           July 2021                                        31 August 2021

                           August 2021                                   30 September 2021

                           September 2021                            29 October 2021

                           October 2021                                 30 November 2021

                           November 2021                             31 December 2021

                           December 2021                             31 January 2022



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