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Analysed by currency, HK$ loans increased by 4.6% during the month and foreign currency loans were up by 1.3%. As HK$ loans grew slower than HK$ deposits, the HK$ loan-to-deposit ratio fell from 103.9% at end-October to 103.2% at end-November.
Money Supply
HK$M1 fell by 0.7% in November as the decline in HK$ demand deposits more than offset a 1.7% rise in currency held by the public. Compared to a year earlier, HK$M1 rose by 10.1%. HK$M2 and HK$M3 both increased by 5% in November, having risen by 2.6% in October. During the year to November, HK$ M3 grew much faster by 22.8%, as compared to 14.8% in October. This was partly distorted upward as a result of the new share flotations as well as a low base comparison.
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