(Adds Yuen quotes, context)
HONG KONG, Feb 4 (Reuters) - Hong Kong is not seeing fund outflows following Beijing’s imposition of a national security law in the Asian financial hub, a top executive at the city’s banking regulator said on Thursday.
Arthur Yuen, deputy chief executive of the Hong Kong Monetary Authority (HKMA), said it was “pretty much business as usual” for banks despite “the uncertainty”, and he had not heard complaints from customers about the “landscape becoming more complicated”.
Total deposits in Hong Kong rose 5.4% in 2020 compared to the previous year, the regulator said.
Beijing’s imposition of the law on the city last year, in response to sometimes violent protests in 2019, raised fears it would erode autonomy and freedoms in the former British colony.
(Adds Yuen quotes, context)
HONG KONG, Feb 4 (Reuters) - Hong Kong is not seeing fund outflows following Beijing’s imposition of a national security law in the Asian financial hub, a top executive at the city’s banking regulator said on Thursday.
Arthur Yuen, deputy chief executive of the Hong Kong Monetary Authority (HKMA), said it was “pretty much business as usual” for banks despite “the uncertainty”, and he had not heard complaints from customers about the “landscape becoming more complicated”.
Total deposits in Hong Kong rose 5.4% in 2020 compared to the previous year, the regulator said.
Beijing’s imposition of the law on the city last year, in response to sometimes violent protests in 2019, raised fears it would erode autonomy and freedoms in the former British colony.