Total loans, advances down 1.2% in October: central bank

Loans for use in the market were down by 1%.

The total loans and advances declined by 1.2% in October and fell 1.9% in the year to end-October, the Hong Kong central bank revealed.

Amongst the percentage, loans for use in the market went down by 1% in October, and loans utilised outside Hong Kong were down by 1.7%.

Hong Kong Monetary Authority (HKMA) said the Hong Kong dollar loan-to-deposit ratio went up 90.8% in October from 901% month-on-month as dollar deposits decreased by a larger extent than dollar loans.

The total deposits with authorized institutions went down by 0.3% in October 2022. Amongst the total, Hong Kong dollar deposits declined by 1.4% whilst foreign currency deposits grew by 0.8%, which reflected the fund flows of corporates.