According to statistics published today by the Hong Kong Monetary Authority (HKMA), total deposits with authorized institutions increased by 1.1% in May 2024. Among the total, HKD deposits and foreign currency deposits increased by 0.3% and 1.8% respectively in May. In the year to end-May, total deposits and Hong Kong dollar deposits grew by 3.2% and 0.9% respectively. RMB deposits in Hong Kong increased by 4.2% in May to RMB1,134 billion at the end of May, mainly reflecting fund flows of corporates. The total remittance of RMB for cross-border trade settlement amounted to RMB1,183.2 billion in May, compared with RMB1,257 billion in April.Total loans and advances decreased by 0.4% in May, and decreased by 2.4% in the year to end-May. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 0.3% and 0.7% respectively in May. The HKD loan-to-deposit ratio decreased to 81.4% at the end of May from 82.1% at the end of April, as HKD deposits increased while HKD loans decreased.Related NewsConsolidated List of Brokers' Top HK Stock Picks (Everbright Securities International, CMBI)HKD M2 and M3 both increased by 0.4% in May and both increased by 1.5% when compared to a year ago. The seasonally-adjusted HKD M1 decreased by 0.1% in May and decreased by 8.4% compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 1.2% in May. Compared to a year earlier, total M2 and total M3 both increased by 7.8%.