Hong Kong Deposits Rise 0.7% in November 2025, Driven by Currency Increases and Investment Activities

Monetary Statistics for November 2025

The following is issued on behalf of the Hong Kong Monetary Authority:

According to statistics published today (December 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.7 per cent in November 2025. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.2per cent and 1.1per cent respectively in November. In the year to end-November, total deposits and Hong Kong dollar deposits increased by 10.5per cent and 3.4per cent respectively. Renminbi deposits in Hong Kong increased by 0.6per cent in November to RMB1,002.0 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,033.0 billion in November, compared with RMB1,006.6 billion in October. 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.

Total loans and advances increased by 0.1per cent in November, and increased by 1.0per cent in the year to end-November. Among the total, loans for use in Hong Kong (including trade finance) decreased by 0.1per cent while loans for use outside Hong Kong increased by 0.4per cent in November. The Hong Kong dollar loan-to-deposit ratio decreased to 73.2per cent at the end of November from 73.6per cent at the end of October, 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 November, and both increased by 4.5per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 1.2per cent in November, and increased by 14.9per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.9per cent in November. Compared to a year earlier, total M2 and total M3 both increased by 11.2per cent.

As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.

Source: AI-found images

Hong Kong Customs seizes suspected smuggled goods worth about $7 million

Hong Kong Customs detected a suspected smuggling case involving an ocean-going vessel on December 23. A batch of suspected smuggled goods with a total estimated market value of about $7 million was seized.

Through intelligence analysis and risk assessment, Customs discovered that criminals intended to use ocean-going vessels to smuggle goods. Enforcement operations were thus formulated, with a suspicious container scheduled to depart from Hong Kong to Malaysia via an ocean-going vessel being selected for inspection.

Customs inspected the abovementioned container that was declared as carrying metals, server boards, printed circuit boards, hard drives, wires, etc, on December 23. Upon examination, Customs officers found a batch of suspected smuggled goods, including integrated circuits, resistors and heat sinks, in the container.

An investigation is ongoing. The likelihood of arrests is not ruled out.

Being a government department primarily responsible for tackling smuggling activities, Customs has long been combating various smuggling activities on all fronts. Customs will keep up its enforcement action and continue to resolutely combat sea smuggling activities through proactive risk management and intelligence-based enforcement strategies, and carry out targeted anti-smuggling operations at suitable times to disrupt relevant crimes.

Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years upon conviction.

Members of the public may report any suspected smuggling 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 seizes suspected smuggled goods worth about $7 million Source: HKSAR Government Press Releases

Hong Kong Customs seizes suspected smuggled goods worth about $7 million Source: HKSAR Government Press Releases