TREE NEWS reports: Hong Kong’s dollar M2 and M3 money supply both fell 0.8% in September from August but rose 7.5% year-on-year, the Hong Kong Monetary Authority said in statistics published Thursday. Seasonally adjusted M1 dipped 0.6% on the month and was up 4.4% from a year earlier, partly reflecting investment-related activity. Total M2 and M3 each rose 0.4% in September, up 10.1% and 10.0% respectively year-on-year.
HKMA: September Hong Kong dollar M2 and M3 money supply up 7.5% year-on-year
AI take
The divergence between the Hong Kong dollar aggregates and the total figures is the detail worth noting: HKD M2 and M3 slipped month-on-month while total deposits kept rising, a hint that currency composition, not overall liquidity, is doing the work. The HKMA's attribution of part of the M1 move to investment-related activity is the closest thing to a signal here. Whether that monthly softening in HKD aggregates is a one-off or the start of a shift is the open question.
Generated by AI for reference only.
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