Hong Kong Monetary Authority: In November, the Hong Kong dollar money supply M2 and M3 both increased by 4.5% year-on-year.

The statistics released by the Hong Kong Monetary Authority today (December 31st) show that the Hong Kong dollar money supply M2 and M3 in November both increased by 0.2%, compared to the same period last year, both increased by 4.5%. The seasonally adjusted Hong Kong dollar money supply M1 in November increased by 1.2%, compared to the same period last year, it increased by 14.9%, reflecting some investment-related activities. The total money supply M2 and M3 in November both increased by 0.9%, compared to the same period last year, M2 and M3 both increased by 11.2%. The total deposits held by recognized institutions in November 2025 increased by 0.7%, with Hong Kong dollar deposits and foreign currency deposits increasing by 0.2% and 1.1% respectively. From the beginning of the year to the end of November, total deposits and Hong Kong dollar deposits increased by 10.5% and 3.4% respectively. Renminbi deposits in Hong Kong increased by 0.6% in November, reaching 1,002 billion RMB by the end of November. The total amount of Renminbi remittances for cross-border trade settlement in November was 1,033 billion RMB, compared to 1,006 billion RMB in October. Changes in deposits are influenced by various factors, including interest rate trends, market fundraising activities, etc., so it is appropriate to observe long-term trends and not to overinterpret the fluctuations of individual months. The total amount of loans and advances in November increased by 0.1%, and from the beginning of the year to the end of November, it increased by 1.0%. Loans used in Hong Kong (including trade financing) declined by 0.1% in November, while loans used outside of Hong Kong increased by 0.4% in November. Due to the increase in Hong Kong dollar deposits and the decrease in Hong Kong dollar loans, the Hong Kong dollar loan-to-deposit ratio decreased from 73.6% at the end of October to 73.2% at the end of November. As monthly monetary statistics may be subject to various short-term factors (such as seasonal fund demand and business and investment-related activities) causing fluctuations, caution should be exercised in interpreting the statistics.