Total deposits with authorised institutions fell 1.1% in November, with the contraction in Hong Kong dollar deposits exceeding expansion in foreign-currency deposits, the Monetary Authority says.

Hong Kong dollar time deposits fell 18.3% reflecting lower term deposit interest rates.

Due to fund-raising activities in the stock market, Hong Kong dollar demand deposits rose 64.7%. Renminbi deposits grew 7% to 30.2 billion yuan.

Total loans and advances rose 0.2% with loans for use in Hong Kong falling 0.5% while loans for use outside Hong Kong grew 4.2%. The Hong Kong dollar loan-to-deposit ratio rose to 71.7%.

On a seasonally adjusted basis, Hong Kong dollar M1 rose 13.5% in November and 36.8% from a year earlier. Unadjusted Hong Kong dollar M2 and M3 both fell 3.1%. On a year-on-year comparison, Hong Kong dollar M2 and M3 grew 22.1% and 22%.