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By Reuters Staff
2 Min Read
HONG KONG (Reuters) - Hong Kong residents leaving the city to move to Britain could trigger capital outflows of HK$280 billion ($36 billion) this year from the Asian financial centre, a new report published by Bank of America (BofA) said.
FILE PHOTO: The Lai family, who are emigrating to Scotland, look out over the city s skyline on an outing to Tsim Sha Tsui in Hong Kong, China, December 14, 2020. REUTERS/Tyrone Siu
Beijing’s move to impose a national security law in June last year prompted Britain to offer refuge to almost 3 million Hong Kong residents eligible for the British National Overseas (BNO) passport from January 31.
HONG KONG (Reuters) - Hong Kong residents leaving the city to move to Britain could trigger capital outflows of HK$280 billion ($36 billion) this year from the Asian financial centre, a new report published by Bank of America (BofA) said. Beijing s move to impose a national security law in June last year prompted Britain to offer refuge to almost 3 million Hong Kong residents eligible for the British National Overseas (BNO) passport from January 31. From then, these residents will be eligible to stay in Britain for five years, at which point they can apply for settlement if requirements are met and ultimately citizenship. A British Home Office study, published last year, estimated 153,300 people could arrive in Britain from Hong Kong in 2021 as the immigration changes came into effect. BofA estimated if those leaving sold a Hong Kong apartment for HK$7.53 million ($971,224.41) – the average price in the city s Kowloon district – and withdrew their pension savings then the capital o