Thursday 28 Mar 2024
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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 deposit 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 the MAS today.

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 Hongkongers are hedging by shifting their assets overseas, including ... (click on link for full story on theedgesingapore.com).

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