Overview of Hong Kong Monetary Authority’s June 2024 Report 📊
In June 2024, the Hong Kong Monetary Authority (HKMA) released statistics showing stable total deposits with authorized institutions. Hong Kong dollar deposits experienced a slight increase of 0.2%, while foreign currency deposits decreased by 0.1%.
Hong Kong Dollar and Renminbi Deposits 🏦
During the first half of 2024, total deposits and Hong Kong dollar deposits saw growth of 3.2% and 1.1% respectively. However, renminbi deposits in Hong Kong decreased by 6.4% in June, amounting to RMB 1,061.7 billion. This decrease primarily reflects corporate fund flows.
- Renminbi remittances for cross-border trade settlement increased to RMB 1,260.8 billion in June from RMB 1,183.2 billion in May.
Loans and Advances 💰
In June, total loans and advances increased by 0.5%, but there was a 1.9% decrease in the first half of 2024. Loans for use in Hong Kong, including trade finance, saw a 1.2% increase, while loans for use outside Hong Kong decreased by 1.7%.
- The Hong Kong dollar loan-to-deposit ratio slightly decreased to 81.3% in June.
Quarterly Loan Analysis 📈
For the second quarter of 2024, loans for use in Hong Kong, including trade finance, increased by 0.3% following a 1.2% decline in the previous quarter. Trade finance experienced growth, while loans related to building, construction, property development, and investment decreased.
Monetary Aggregates 💵
In June, Hong Kong dollar M2 and M3 both increased by 0.2% and 1.5% year-on-year. However, seasonally-adjusted Hong Kong dollar M1 decreased by 0.4% in June and by 5.9% year-on-year due to investment-related activities.
- Total M2 and M3 increased by 0.1% in June and by 7.4% year-on-year.
Remember that monthly monetary statistics may fluctuate due to various factors, making it crucial to focus on long-term trends instead of short-term variations.
Hot Take on HKMA’s Report 🔥
You’re now up-to-date with the latest insights from the Hong Kong Monetary Authority’s report for June 2024. Keep a close watch on the trends and developments in Hong Kong’s financial landscape to make informed decisions in the crypto space!
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