The Hong Kong Monetary Authority released statistics today, January 31, showing that in December 2023, total deposits with approved institutions rose by 1.0%. December saw increases in total deposits of Hong Kong dollar deposits of 0.3% and foreign currency deposits of 1.5%, respectively. For 2023 as a whole, total deposits and Hong Kong dollar deposits grew by 5.1% and 2.1% respectively. Renminbi deposits in Hong Kong decreased by 4.1% in December to RMB939.2 billion at the end of December, mainly reflecting fund flows of corporates. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,270.2 billion in December, compared with RMB1,169.7 billion in November. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate and fund raising activities.
The financial and monetary markets of Hong Kong continue to operate in a smooth and orderly manner. The Hong Kong dollar exchange rate remains stable, and the Hong Kong dollar interbank rates might remain high for some time. The public should carefully assess and manage the relevant risks when making property purchase, mortgage or other borrowing decisions. The HKMA will continue to closely monitor market developments and maintain monetary and financial stability.