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Riots in Hong Kong resulted in outflow of 5 billion dollars

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Riots in Hong Kong resulted in outflow of 5 billion dollars
December 17
09:00 2019

The Bank of England has calculated the losses caused by the riots in the largest Asian financial center. It turned out that the outflow of capital from investment funds had amounted to 5 billion US dollars. This process did not happen suddenly, the first wave was recorded as early as mid-spring, when the authorities publicly announced a law on the extradition of suspects to “big” China.

Specialists from Goldman Sachs have estimated that over the three summer months, deposits totaling $ 4 billion were transferred from Hong Kong to Singapore. This was caused by the protest in the metropolis.

The Bank of England is closely monitoring the situation in Hong Kong, as the British banks HSBC and Standard Chartered are the leaders in this particular Asian region. But the Central Bank of China denies the fact of the serious capital outflow.

By the way, riots still erupt in the city. The protests did not end even after the news that the law on extradition was “put on the shelf”. For example, on December 8, several hundred thousand citizens poured into the city streets.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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