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YearQuarterM1 (HK$ million)
HK$Foreign currencyTotal (M1)
unadjustedseasonally adjusted
2017 1,598,014 1,608,688 833,447 2,431,461
2018 1,555,731 1,566,107 865,867 2,421,598
2019 1,533,104 1,543,222 951,634 2,484,738
2019 Q3 1,546,402 1,520,041 922,675 2,469,077
Q4 1,533,104 1,543,222 951,634 2,484,738
2020 Q1 1,578,352 1,594,333 1,036,260 2,614,612
Q2 1,759,032 1,772,376 1,079,442 2,838,473
Q3 2,406,597 1,867,375 1,170,104 3,576,701

YearQuarterM2 (HK$ million)
HK$Foreign currencyTotal (M2)
unadjustedadjusted to include foreign currency swap depositsunadjustedadjusted to exclude foreign currency swap deposits
2017 7,010,279 7,010,345 6,744,977 6,744,910 13,755,255
2018 7,262,426 7,262,451 7,085,633 7,085,608 14,348,059
2019 7,438,765 7,438,789 7,307,107 7,307,083 14,745,872
2019 Q3 7,441,045 7,441,069 7,066,882 7,066,858 14,507,927
Q4 7,438,765 7,438,789 7,307,107 7,307,083 14,745,872
2020 Q1 7,444,029 7,444,053 7,359,444 7,359,421 14,803,474
Q2 7,629,413 7,629,436 7,473,166 7,473,142 15,102,579
Q3 8,243,037 8,243,060 7,602,060 7,602,037 15,845,097

YearQuarterM3 (HK$ million)
HK$Foreign currencyTotal (M3)
unadjustedadjusted to include foreign currency swap depositsunadjustedadjusted to exclude foreign currency swap deposits
2017 7,024,447 7,024,514 6,779,391 6,779,324 13,803,837
2018 7,284,297 7,284,322 7,119,392 7,119,367 14,403,688
2019 7,454,631 7,454,655 7,331,743 7,331,720 14,786,375
2019 Q3 7,457,118 7,457,142 7,090,745 7,090,721 14,547,864
Q4 7,454,631 7,454,655 7,331,743 7,331,720 14,786,375
2020 Q1 7,461,421 7,461,444 7,384,242 7,384,219 14,845,663
Q2 7,645,824 7,645,848 7,496,751 7,496,727 15,142,575
Q3 8,258,044 8,258,067 7,625,362 7,625,338 15,883,405

Notes : Figures refer to all authorized institutions (AIs), which include licensed banks, restricted licence banks (RLBs) and deposit-taking companies (DTCs).
 Figures are revised on a monthly basis to take into account any subsequent amendments submitted by AIs.
 RLBs can accept time deposits in amounts of not less than HK$500,000 with any term of maturity. There is no restriction on interest rate payable.
 DTCs can accept time deposits in amounts of not less than HK$100,000 with a term of maturity of at least 3 months. There is no restriction on interest rate payable.
 Money Supply M1 refers to the sum of legal tender notes and coins held by the public plus customers' demand deposits placed with licensed banks.
 Money Supply M2 refers to the sum of M1 plus customers' savings and time deposits with licensed banks, plus negotiable certificates of deposits (NCDs) issued by licensed banks held by non-AIs.
 Money Supply M3 refers to the sum of M2 plus customer deposits with RLBs and DTCs plus NCDs issued by RLBs and DTCs held by non-AIs.
 Among the various monetary aggregates, seasonal patterns are found in Hong Kong Dollar (HKD) M1, currency held by the public, and demand deposits. Seasonally adjusted data on the three series facilitate the analysis of underlying trends.
 Foreign currency swap deposits are deposits involving customers buying foreign currencies in the spot market and placing them as deposits with authorized institutions, while at the same time entering into a forward contract to sell such foreign currencies (principal plus interest) upon maturity of such deposits. For most analytical purposes, these should be regarded as Hong Kong Dollar deposits.
Source : Hong Kong Monetary Authority
For further information, please visit the website of the Hong Kong Monetary Authority
(Enquiry telephone no. : 2878 8222
 Enquiry e-mail : hkma@hkma.gov.hk)


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