Lawrence Jengar
Dec 31, 2025 08:26
The Hong Kong Monetary Authority announces a 0.7% rise in total deposits for November 2025, with notable increases in both Hong Kong dollar and foreign currency deposits.
Deposit Growth in November 2025
According to a recent announcement by the Hong Kong Monetary Authority (HKMA), total deposits in authorized institutions rose by 0.7% in November 2025. This growth was driven by a 0.2% increase in Hong Kong dollar deposits and a 1.1% rise in foreign currency deposits. Over the course of the year to the end of November, total deposits saw a significant increase of 10.5%, with Hong Kong dollar deposits up by 3.4%.
Renminbi Deposits and Cross-Border Settlements
Renminbi deposits in Hong Kong experienced a modest growth of 0.6% in November, reaching RMB1,002.0 billion. The total remittance of renminbi for cross-border trade settlement also saw an increase, amounting to RMB1,033.0 billion in November, compared to RMB1,006.6 billion in October. These figures highlight the ongoing importance of renminbi in cross-border financial activities.
Loans and Advances
Total loans and advances experienced a slight increase of 0.1% in November, contributing to a 1.0% growth for the year to the end of November. Notably, loans for use in Hong Kong, including trade finance, decreased by 0.1%, while loans for use outside Hong Kong rose by 0.4%. The Hong Kong dollar loan-to-deposit ratio dropped to 73.2% at the end of November from 73.6% at the end of October, reflecting the increase in Hong Kong dollar deposits and a decrease in loans.
Monetary Aggregates
The monetary aggregates Hong Kong dollar M2 and M3 both increased by 0.2% in November, achieving a 4.5% rise compared to the previous year. The seasonally-adjusted Hong Kong dollar M1 saw a more substantial increase of 1.2% in November, with a year-on-year growth of 14.9%, partly driven by investment-related activities. Total M2 and M3 both experienced a 0.9% rise in November, with an 11.2% increase from a year earlier.
Interpreting the Statistics
The HKMA cautions that monthly monetary statistics can be volatile due to various transient factors, such as seasonal funding demands and business activities. Therefore, it is advisable to focus on longer-term trends rather than short-term fluctuations. For further insights, the full report is available on the [Hong Kong Monetary Authority](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/12/20251231-6/).Image source: Shutterstock
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