[ad_1]
Even as Japan and South Korea seek to woo Hong Kong’s financial firms considering a Plan B in the face of Beijing’s tightening control, one Asian city seen as the most obvious beneficiary is keeping mum.
In Singapore, which is in the thick of election fever ahead of the July 10 polls, there has been little market chatter about whether the republic should try to woo businesses and talent concerned about the new national security law in Hong Kong.
In fact, Singapore’s central bank told wealth managers last July, as the city was roiled by massive anti-government protests , not to take advantage of Hong Kong’s political turmoil.
This month, the Monetary Authority of Singapore (MAS) issued a statement after media reports cited its figures showing foreign currency deposits jumped almost fourfold from a year earlier to US$27 billion (S$38 billion) in April, while deposits from non-residents rose 44 per cent to US$62 billion.
The amounts, the highest on record since 1991, were due to risk-averse investors and inflows from markets including Hong Kong, the reports said.
[ad_2]
Source link
