Chinese Move Billions Into Hong Kong Banks Seeking Higher Yields bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
HSBC Holdings attracted more than 130,000 new bank customers in Hong Kong in the first quarter. Bank of China (Hong Kong) gained 200,000 new cross-border clients in 2023, while at Hang Seng Bank, new account openings for non-residents jumped 342 per cent last year.
The move signals continued concerns about data security even after Beijing reached a landmark deal to allow U.S. audit inspections on hundreds of Chinese firms listed in New York.
Getting shut out of Chinese state-owned business would be a blow to the accounting firms, as the frosty relationship between Beijing and the US shows no signs of abating.
Richard has pioneered Asian investment management at senior levels for companies such as JP Morgan, Citi, BNY Mellon and several start-ups. He has 40 years of experience in a full range of investment and capital markets activities. He is CEO of Port Shelter Investment Management.