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.
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.
Protesters take part in a rally accusing the police of using excessive force in Hong Kong, China, 02 October 2019. A form five student was reportedly shot by police during clashes on 01 October 2019. Hong Kong has witnessed several months of ongoing mass protests, originally triggered by a now withdrawn extradition bill to mainland China that have turned into a wider pro-democracy movement. EPA-EFE/FAZRY ISMAIL Via Reuters
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