Hong Kong Monetary Authority: Hong Kong dollar money supply M2 and M3 both increased 4.5% year-on-year in November

The Zhitong Finance App learned that statistics released by the Hong Kong Monetary Authority today (December 31) show that the Hong Kong dollar money supply both increased by 0.2% in November, up 4.5% compared with the same period last year. The seasonally adjusted Hong Kong dollar money supply M1 rose by 1.2% in November, up 14.9% compared with the same period last year, partly reflecting investment-related activities. Total money supply M2 and M3 both increased 0.9% in November. Compared with the same period last year, M2 and M3 both increased 11.2%.

Total deposits from authorized institutions increased by 0.7% in November 2025, with HKD 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 HKD deposits increased by 10.5% and 3.4% respectively. RMB deposits in Hong Kong rose 0.6% in November to RMB 1,002 billion at the end of November. The total amount of RMB remittances for cross-border trade settlements was RMB 1,033 billion in November, compared to RMB 1,06.6 billion in October. Deposit changes are affected by many factors, including interest rate trends, market fund-raising activities, etc., so it is appropriate to observe long-term trends without overinterpreting individual monthly fluctuations.

Total loans and advances rose 0.1% in November, up 1.0% from the beginning of the year to the end of November. Among them, loans used in Hong Kong (including trade finance) fell 0.1% in November, while loans used outside Hong Kong rose 0.4% in November. As HKD deposits rose and HKD loans declined, the HKD loan-to-deposit ratio fell from 73.6% at the end of October to 73.2% at the end of November.

Since monthly monetary statistics may fluctuate due to various short-term factors (such as seasonal capital requirements and business and investment-related activities), statistics should be interpreted with care.