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, Goldman Sachs estimated this week.
The period during which these flows took place coincides with escalating anti-government protests and political unrest in the Chinese city.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”.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
About $4 billion Hong Kong deposits may have left for Singapore as protests rage: GoldmanHong Kong may have lost as much as $4 billion in deposits to rival financial hub...
Read more »
The Latest: Pro-democracy protester shot in Hong KongBREAKING: A pro-democracy protester is shot in Hong Kong when an officer opens fire with his revolver during clashes, police say, a first in an escalation of the monthslong unrest that has rocked the city.
Read more »
Hong Kong mops up after 180 arrested in violent National Day protestsMore than 100 people were injured during Tuesday's turmoil, the hospital authority said, as angry demonstrators took to the streets across the territory and police fired tear gas and water cannons to try to disperse them.
Read more »
Hong Kong police slammed as 'trigger-happy' after teen shotHONG KONG (AP) — Heads bowed and dressed in black, schoolmates of a teenage demonstrator shot at close range in the chest by a Hong Kong riot officer condemned police tactics and demanded...
Read more »
Police shoot teen protester as Hong Kong violence escalatesHong Kong police shot a teenage protester on Tuesday, the first to be hit by liv...
Read more »
Friends say ticking clock drove wounded Hong Kong protesterThe clock is ticking for Hong Kong people born after the 1997 handover who foresee the end of China’s promise, enshrined in the territory’s constitution, that Hong Kong’s “way of life shall remain unchanged for 50 years.”
Read more »