September 2025, partly reflecting corporate funding needs ahead of quarter-end. They then demand cooled. Short-term HIBORs firmed up again towards year-end 2025 on seasonal factors, Sources: CEIC, C&SD and HKMA staffestimates. accommodative during the review period. The 2025, total deposits with authorized institutions (AIs) increased by 3.9%. Of this, HKD deposits decreased by 1.7% while foreign currency deposits increased by 8.4% (Chart 4.4). As a wide range of transient factors, such as seasonal investment related activities, it is more appropriate to observe the longer-term trends. manner. In accordance with the expectation and the design of the Linked Exchange Rate System,