Hong Kong’s total deposits up 7.1% in 2024

Renminbi deposits fell, whilst RMB remittance rose in December.

Total deposits with authorized institutions in Hong Kong rose by 0.9% year-on-year (YoY) in December 2024, according to statistics published by the Hong Kong Monetary Authority (HKMA).

For 2024 as a whole, total deposits and Hong Kong dollar deposits grew by 7.1% and 2.8%, respectively.

In contrast, renminbi deposits in Hong Kong fell by 6.6% in December to RMB926.6b at end-December, with the HKMA blamed on “fund flows of corporates.”

Total remittance of renminbi for cross-border trade settlement amounted to RMB1.4t in December, higher than the RMB1.33t recorded in November.