Hong Kong may have lost as much as $4 billion in deposits to rival financial hub...
HONG KONG - Hong Kong may have lost as much as $4 billion in deposits to rival financial hub Singapore between June and August as political unrest escalated in the Chinese city, Goldman Sachs estimated this week.
Modest net outflows from local currency deposits in Hong Kong and the net inflows of foreign currency deposits in Singapore in August could be the latest sign showing $3-4 billion left for the city state, the bank’s analysts said in a report on Monday. Anti-government protests have gripped Hong Kong for four months with widespread violence this week as China, which resumed ruling the territory in 1997, celebrated the 70th anniversary of the People’s Republic.
But Hong Kong dollar deposits in the city dropped in August for the most in over a year while U.S. dollar savings surged. Hong Kong Monetary Authority insisted on Monday that the fluctuations were “normal”.
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