Total deposits in Hong Kong grew by 6.1 percent in the year to end-November, according to data released by the Hong Kong Monetary Authority (HKMA) on Tuesday.

Deposits in Hong Kong dollars rose by 1.9 percent during the same period.

Renminbi deposits in the city grew by 3.5 percent in November to reach 991.8 billion yuan ($135.9 billion). The total remittance of renminbi for cross-border trade settlements also surged to 1,333.7 billion yuan, compared with 1,218 billion yuan in October.

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In November, deposits in Hong Kong dollars declined by 0.9 percent, while those in foreign currencies increased by 1.3 percent, which could reflect the fund flows of corporates, the HKMA said.

Deposit fluctuations are influenced by a wide range of factors, such as interest rate movements and fundraising activities, so it is more appropriate to focus on longer-term trends instead of over-generalizing variations in a single month, the HKMA said in a statement.

Most Hong Kong banks lowered their fixed deposit interest rates after the Federal Reserve of the United States cut its interest rates three times since September with a total reduction of 100 basis points.

Despite the trim, the 3-to-4-percent annual rates offered by banks like PAO Bank, DBS Bank, Chong Hing Bank, and HSBC for fixed deposit products remain relatively high compared with a few years ago.

The HKMA also announced the results of the residential mortgage survey for November on Tuesday — the number of mortgage applications increased month-on-month by 9.7 percent, indicating a rise in house purchasing activity. Mortgage loans approved in November increased by nearly 30 percent compared with October.

Data from the Land Registry of the Hong Kong Special Administrative Region government shows that the number of new residential transactions reached nearly 2,500 in November, an uptick of almost 900 compared to October.

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Statistics produced by property services provider JLL indicated that home sales in the city rose by more than 22 percent in the first 11 months this year compared with the same period of 2023.

Contact the writer at irisli@chinadailyhk.com