Hong Kong’s broad money supply (M3) growth edged down in December 2025, suggesting a modest cooling in liquidity conditions toward the end of the year. According to data updated on 30 January 2026, M3 expanded by 4.2% in December, down from 4.5% in November 2025.
The slight deceleration in M3 growth may point to a more cautious stance among households and businesses, with slower expansion in deposits and other liquid assets. While the shift from 4.5% to 4.2% is not dramatic, it will be closely watched by market participants looking for signals on funding conditions, credit demand and the broader trajectory of Hong Kong’s monetary environment heading into 2026.
