Monetary Statistics for October 2021

The following is issued on behalf of the Hong Kong Monetary Authority:

     According to statistics published today (November 30) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.2 per cent in October 2021. Among the total, Hong Kong dollar deposits remained virtually unchanged and overall foreign currency deposits increased by 0.4 per cent. In the year to end-October, total deposits and Hong Kong dollar deposits grew by 3.6 per cent and 2.3 per cent respectively. Renminbi deposits in Hong Kong decreased by 2.5 per cent to RMB834.9 billion at the end of October. The total remittance of renminbi for cross-border trade settlement amounted to RMB498.7 billion in October, compared with RMB623.6 billion in September. 

     Total loans and advances decreased by 0.3 per cent in October, but picked up by 4.7 per cent in the year to end-October. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 0.2 per cent and 0.6 per cent respectively. The Hong Kong dollar loan-to-deposit ratio increased to 84.9 per cent at the end of October from 84.7 per cent at the end of September, as Hong Kong dollar loans increased while Hong Kong dollar deposits remained virtually unchanged.

     Hong Kong dollar M2 and M3 both edged up by 0.1 per cent in October, but dropped by 10.1 per cent and 10.0 per cent respectively compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 0.6 per cent in October, but picked up 10.6 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 both remained virtually unchanged in October, but declined by 4.3 per cent and 4.2 per cent respectively from a year earlier. Large-scale IPO activities at the end of October 2020 led to an increase in deposits that resulted in a high base effect on the year-on-year growth of money supply. Excluding the deposits created by the IPO-related loans, Hong Kong dollar M2 and M3 in October both edged down by 0.2 per cent compared to a year ago; total M2 and M3 both picked up by 1.1 per cent from a year earlier.

     As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics. 




Hong Kong Customs combats unfair trade practices by renovation company

     â€‹Hong Kong Customs today (November 30) arrested a male renovation company proprietor for suspected unfair trade practices of making a misleading omission, in contravention of the Trade Descriptions Ordinance (TDO).

     Customs earlier received information alleging that a renovation company proprietor was suspected of omitting material information in the course of selling a renovation service. The proprietor first offered a quotation for a window replacement work to a customer and then asked for an additional charge for the commencement of such work after receiving a deposit from the customer. 

     After investigation, Customs officers today arrested a 59-year-old male proprietor of the renovation company concerned.

     An investigation is ongoing and the arrested man has been released on bail pending further investigation.

     Customs reminds traders to comply with the requirements of the TDO and consumers to procure services at reputable shops.

     Under the TDO, any trader who engages in a commercial practice that omits or hides material information or provides material information in a manner that is unclear, unintelligible, ambiguous or untimely, and as a result causes, or is likely to cause, an average consumer to make a transactional decision, commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

     Members of the public may report any suspected violation of the TDO to Customs' 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk).




Auction of traditional vehicle registration marks to be held on December 11

     The Transport Department (TD) today (November 30) announced that the auction of traditional vehicle registration marks will be held on December 11 (Saturday) in Meeting Room N201, L2, New Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.

     "A total of 220 vehicle registration marks will be put up for public auction. The list of marks has been uploaded to the department's website, www.td.gov.hk," a department spokesman said.

     Applicants who have paid a deposit of $1,000 to reserve a mark for auction should also participate in the bidding (including the first bid at the reserve price of $1,000). Otherwise, the mark concerned may be sold to another bidder at the reserve price.

     People who wish to participate in the bidding at the auction should take note of the following important points:

(a) Successful bidders are required to produce the following documents for completion of registration and payment procedures immediately after the successful bidding:
(i) the identity document of the successful bidder;
(ii) the identity document of the purchaser if it is different from the successful bidder;
(iii) a copy of the Certificate of Incorporation if the purchaser is a body corporate; and
(iv) a crossed cheque made payable to "The Government of the Hong Kong Special Administrative Region" or "The Government of the HKSAR". (For an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed.) Successful bidders can also pay through the Easy Pay System (EPS). Payment by post-dated cheques, cash or other methods will not be accepted.

(b) Purchasers must make payment of the purchase price through EPS or by crossed cheque and complete the Memorandum of Sale of Registration Mark immediately after the bidding. Subsequent alteration of the particulars in the memorandum will not be permitted.

(c) A vehicle registration mark can only be assigned to a motor vehicle which is registered in the name of the purchaser. The Certificate of Incorporation must be produced immediately by the purchaser if a vehicle registration mark purchased is to be registered under the name of a body corporate.

(d) Special registration marks are non-transferable. Where the ownership of a motor vehicle with a special registration mark is transferred, the allocation of the special registration mark shall be cancelled.

(e) The purchaser shall, within 12 months after the date of auction, apply to the Commissioner for Transport for the registration mark to be assigned to a motor vehicle registered in the name of the purchaser. If the purchaser fails to assign the registration mark within 12 months, allocation of the mark will be cancelled and arranged for re-allocation in accordance with the statutory provision without prior notice to the purchaser.

(f) In view of public health concerns, all persons entering the auction venue will have to undergo on-the‑spot body temperature checks arranged by the TD. Any member of the public whose body temperature is higher than 37.5 degrees Celsius or who refuses to undergo a body temperature check will be denied entry to the auction hall and the payment office. The TD also requests all persons entering the auction hall and the payment office to wear masks and clean their hands with alcohol-based sanitiser, and to wear masks throughout the duration of the auction and payment process.

(g) In order to reduce the risk of the virus spreading, the TD will adjust the distance between seats and the number of seats in the auction hall and the payment office, and implement crowd-control measures. The TD also appeals to the bidders to reduce the number of accompanying persons as far as possible. Furthermore, the auctions in the morning and afternoon will each be divided into two sessions so as to shorten the duration of crowd congregation. The first session of the morning auction will commence at 9.25am while the second session will begin no earlier than 10.35am. The first session of the afternoon auction will commence at 2.25pm while the second session will begin no earlier than 3.40pm. The auction venue will be disinfected before the commencement of the second sessions. Interested bidders may arrive at the auction venue in accordance with the time schedule for the auction of vehicle registration marks.

(h) To align with the Government's arrangement on the strict enforcement of the use of the "LeaveHomeSafe" mobile application when entering government buildings or offices, except for exempted persons, members of the public are required to use the app to scan the venue QR code before they are allowed to enter the auction venue (including the auction hall and the payment office). Persons who are aged below 12 or aged 65 or above, and those with disabilities that render use of the "LeaveHomeSafe" app difficult, will be exempted from the requirement of using the app when they enter the auction venue. However, they are required to complete a record form to register their names, the first four digits or letters of their identification documents, their contact numbers and the date and time of their visits. They are also required to present relevant identification documents for verification at the request of the TD staff during registration. TD staff will also verify the contact numbers by making phone calls. As a result of the arrangement, members of the public are advised to remain patient as the waiting time for entering the auction venue may be lengthened. Unwillingness to use the app will not be considered as justification for granting exemption.

     For other auction details, please refer to the Guidance Notes – Auction of Vehicle Registration Marks, which can be downloaded from the department's website, www.td.gov.hk.




Exchange Fund Bills tender results

The following is issued on behalf of the Hong Kong Monetary Authority:

     Exchange Fund Bills tender results
 

Tender date : November 30, 2021
Paper on offer : EF Bills
Issue number : Q2148
Issue date : December 1, 2021
Maturity date : March 2, 2022
Amount applied : HK$120,050 MN
Amount allotted : HK$56,355 MN
Average yield accepted : 0.12 PCT
Highest yield accepted : 0.13 PCT
Pro rata ratio* : About 75 PCT
Average tender yield : 0.15 PCT
****************************
Tender date : November 30, 2021
Paper on offer : EF Bills
Issue number : H2177
Issue date : December 1, 2021
Maturity date : June 1, 2022
Amount applied : HK$41,150 MN
Amount allotted : HK$15,000 MN
Average yield accepted : 0.12 PCT
Highest yield accepted : 0.14 PCT
Pro rata ratio* : About 18 PCT
Average tender yield : 0.16 PCT

*"Pro rata ratio" refers to the average percentage of allotment with respect to each tender participant's tendered amount at the "highest yield accepted" level.
———————————————————
     Hong Kong Monetary Authority tenders to be held in the week beginning – December 6, 2021 :
 

Tender date : December 7, 2021
Paper on offer : EF Bills
Issue number : Q2149
Issue date : December 8, 2021
Maturity date : March 9, 2022
Tenor : 91 Days
Amount on offer : HK$57,516 MN
****************************
Tender date : December 7, 2021
Paper on offer : EF Bills
Issue number : H2178
Issue date : December 8, 2021
Maturity date : June 8, 2022
Tenor : 182 Days
Amount on offer : HK$9,000 MN



Government to launch pilot scheme on vaccination service using BioNTech vaccine at certain private healthcare institutions

     The Government announced today (November 30) that, starting next Monday (December 6), the Government will run a pilot scheme for members of the public to receive the BioNTech vaccine at private healthcare institutions, with a view to further facilitating and encouraging vaccination by broadening the vaccination network of the BioNTech vaccine and providing more channels for vaccination.

     A list of the eight participating private healthcare institutions (as at November 29) and information on the vaccination venues, booking, enquiry hotlines and more are available at the thematic website of the COVID-19 Vaccination Programme (www.covidvaccine.gov.hk/en/programme). Members of the public may make appointments with the relevant private healthcare institutions directly without going through the Government's website. As with the existing arrangement for COVID-19 vaccination, members of the public may receive the vaccine free of charge under the pilot scheme. Private healthcare institutions cannot charge members of the public for the COVID-19 vaccination service provided alone.
      
     Private healthcare institutions participating in the pilot scheme have already gained extensive experience in providing large-scale COVID-19 vaccination service through their current involvement in the operation of Community Vaccination Centres. They are also competent in deploying medical staff and handling medical emergencies. The Government will provide a subsidy of $160 per vaccine dose to these healthcare institutions. In line with the current arrangement for subsidies, those who provide vaccination service to elderly persons aged 60 or above will receive an additional subsidy of $50 per dose. Reference has been made to the current Vaccination Subsidy Scheme of the Department of Health in determining the subsidy amount. The Government has also taken into account the services and support that need to be provided by the relevant healthcare institutions, including compliance with stringent cold chain requirements for vaccine storage and the dilution procedure of the vaccine, assessment prior to vaccination, and providing other support.
      
     Furthermore, given that each vial of the BioNTech vaccine contains six doses and the storage time is limited once the vial is opened, the healthcare institutions will need to consolidate the vaccination appointments as far as practicable to avoid wastage of doses. The Government has also set out stringent arrangements to monitor the vaccine usage.
      
     "Through the pilot scheme, the Government will study the feasibility of providing vaccination service using the BioNTech vaccine at more non-government venues in the long term. With the experience gained from the pilot scheme, we will consider leveraging the service capacity, district networks and service flexibility of private healthcare institutions at the next stage of the Vaccination Programme to further facilitate and encourage vaccination among the public, while at the same time get prepared for the possible regularisation of COVID-19 vaccination in future," a Government spokesman said.
      
     "The Government once again calls on persons who are not yet vaccinated, especially senior citizens, chronic patients and other immunocompromised persons who face a much higher chance of death after COVID-19 infection, to get vaccinated as early as possible for better self-protection before the fifth wave strikes Hong Kong."