Monetary statistics for August 2024
According to statistics published today (September 30) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.1per cent in August 2024. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.2per cent and 2.0per cent respectively in August. In the year to end-August, total deposits and Hong Kong dollar deposits grew by 5.0per cent and 1.5per cent respectively. Renminbi deposits in Hong Kong decreased by 4.1per cent in August to RMB1,014.1 billion at the end of August. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,267.9 billion in August, compared with RMB1,281.5 billion in July. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
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Total loans and advances increased by 0.3per cent in August, while decreased by 2.7per cent in the year to end-August. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.2per cent and 0.6per cent respectively in August. The Hong Kong dollar loan-to-deposit ratio decreased to 79.3per cent at the end of August from 80.0per cent at the end of July, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.
Hong Kong dollar M2 and M3 both increased by 0.2per cent in August and both increased by 1.9per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 1.2per cent in August and decreased by 3.7per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 1.1per cent in August. Compared to a year earlier, total M2 and total M3 both increased by 7.8 per cent.
As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.
Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million
Hong Kong Customs detected two dangerous drugs cases in Tseung Kwan O and Hong Kong International Airport respectively yesterday (May 21) and today (May 22), and seized a total of about 21.8 kilograms of assorted drugs with a total estimated market value of about $7.95 million. Two men and one woman, aged between 38 and 49, were arrested.
In the first case, Customs officers intercepted a 48-year-old man and a 49-year-old woman in Tseung Kwan O during an anti-narcotics operation yesterday afternoon. About 3.8kg of suspected drugs, including ketamine, methamphetamine, etomidate capsules, psilocybin mushrooms, MDMA and a batch of suspected drug packaging paraphernalia were found in their residence in the same district. They were then arrested.
In the second case, a 38-year-old male passenger arrived in Hong Kong from Amsterdam, the Netherlands, today. During customs clearance, Customs officers found about 18kg of suspected ketamine inside his check-in suitcase and 33 sticks of duty-not-paid cigarette inside his carry-on baggage. The man was subsequently arrested.
The arrested man and woman in the first case have been jointly charged with one count of trafficking in a dangerous drug and one count of possession of apparatus fit and intended for the inhalation of a dangerous drug. The case will be brought up at the Kwun Tong Magistrates' Courts tomorrow (May 23), while an investigation is ongoing for the second case.
Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.
Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.
Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
Under the Dutiable Commodities Ordinance, cigarettes are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.
Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million Source: HKSAR Government Press Releases
Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million Source: HKSAR Government Press Releases
