HKMA released monetary statistics for February 2026 on 31 March 2026, showing total deposits rose 0.9% while HK dollar deposits fell 0.2%. Renminbi deposits grew to RMB1,029.3 billion, and total loans increased 0.6%. M2 and M3 metrics also showed year-on-year growth.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SPOTLIGHT ON
FAMILY OFFICES
On Tue, 31 Mar, the Hong Kong Monetary Authority published monetary statistics for February 2026. Total deposits with authorized institutions increased by 0.9% in February 2026.
Depository Trends and Currency Analysis
Among the total, Hong Kong dollar deposits decreased by 0.2%, while foreign currency deposits increased by 1.7% in February. In the first two months of 2026, total deposits and Hong Kong dollar deposits increased by 0.9% and 1.2% respectively. Renminbi deposits in Hong Kong increased by 3.6% in February to RMB1,029.3 billion at the end of February. The total remittance of renminbi for cross-border trade settlement amounted to RMB866.5 billion in February, compared with RMB1,016.4 billion in January. 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.
Lending Activity and Loan-to-Deposit Ratios
Total loans and advances increased by 0.6% in February, and increased by 1.6% in the first two months of 2026. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.4% and 0.9% respectively in February. The Hong Kong dollar loan-to-deposit ratio increased to 72.4% at the end of February from 72.3% at the end of January, as Hong Kong dollar deposits decreased at a faster pace than Hong Kong dollar loans.
Money Supply Indicators
Hong Kong dollar M2 and M3 increased by 0.2% and 0.1% respectively in February, and both increased by 2.1% when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 0.2% in February, and increased by 12.6% compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.8% in February. Compared to a year earlier, total M2 and total M3 both increased by 9.8%.
Regulatory Disclaimer
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. Annex Hong Kong Monetary Authority 31 March 2026
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