Hong Kong total deposits up 5.8% YTD in October

Hong Kong dollar deposits grew, but renminbi remittances fell.

Total deposits in Hong Kong grew by 5.8% year-to-date (YTD) in October 2024, according to data from the Hong Kong Monetary Authority (HKMA).

Hong Kong dollar deposits grew by 2.8% during the same month, due to fund flows from corporates, the HKMA said.

However, total remittance of renminbi for cross-border trade settlement dropped 5.8% to $167.99b (RMB1.22t) during the same month, compared to $174.88b (RMB1.27b) in September.

Total deposits in Hong Kong remained virtually unchanged in October 2024, with the slight rise in HK dollar deposits offset by a decrease in foreign currency deposits.

Loans fell in October
Total loans and advances in Hong Kong declined by 3.2% year-on-year in October.

Loans for use in Hong Kong–including trade finance– and loans for use outside Hong Kong decreased by 1.1% YTD as of end-October.

The Hong Kong dollar loan-to-deposit ratio decreased to 77.5%, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

(US$1 = RMB7.26; as of 2 December 2024, 11:18 AM)