Less Proof Of Money Moving From Hong Kong Amid Protests: Credit Suisse, UBS

As per to two top officials, there is little proof to recommend that money is being moved from Hong Kong in the middle of the ongoing protest in the city that has been constant for months. John Woods—Chief Investment Officer (Asia Pacific) at Credit Suisse—said to CNBC, “I can tell you that we are experiencing less terror, that we are seeing less evidence of flight. It appears at least both businesses and depositors are not moving money in any significant way.” Tan Min Lan—Head of the Chief Investment Office (Asia Pacific) at UBS Global Wealth Management—said, “There is a lot of discussions about conceivably capital flight, but we are not encountering any sign of that.”

The demonstrators for a suspended extradition bill—that is now scrapped—would have permitted China to possibly freeze possessions in the city, primarily sparked the talks that Hong Kong magnates have began to move their personal wealth oversea. Afterward, with the deepening protest, wealth managers and bankers reportedly stated that they were getting more queries from people to shift their funds to Singapore. Woods said that the pointers being observed by his team on the funds fleeing from Hong Kong are basically flat.

On a similar note, recently, Carrie Lam—Hong Kong Leader—announced that extradition bill has been completely withdrawn. Full removal of the bill is one of the five insists that protesters have been battling for. The planned bill would have permitted people in Hong Kong to be transferred to China for trial. In spite of Lam’s postponement of the bill in July, demonstrators continued to rally. Hong Kong’s Hang Seng index surge by over 4% following reports that the bill would be scrapped. The reported meeting came after a day Lam suppressed rumors of Beijing’s refusal to her resignation.