On top of the year-long street protests, Hong Kong will be subject to tighter security laws imposed by China. US has recently deemed Hong Kong to be no longer “autonomous”. The developments have led to suggestions that wealthy Hong Kongers are hedging by shifting their assets overseas, including Singapore.
SINGAPORE (June 7): The Monetary Authority of Singapore (MAS) has refuted recent reports suggesting large flows of deposits from Hong Kong to Singapore. The reports were based on foreign currency deposits data.
“The strong growth in foreign currency deposits in Singapore this year has come from a variety of sources – domestic, regional, and beyond the region. No single region or country source dominates,” said MAS on June 7.
