Hong Kong police raise the blue flag warning protesters, the press and pedestrians to disperse during protests against Beijing’s proposed national security law in the Causeway Bay district of Hong Kong.
Tommy Walker | NurPhoto via Getty Images
There has been no “significant” flow of money and commercial activity from Hong Kong to Singapore, according to the Singapore Monetary Authority, the financial regulator and the country’s central bank.
“As we have said before, we have seen an increase in flows to Singapore from a variety of destinations, from sources, and that includes Hong Kong. But the amounts are not large,” Ravi Menon, managing director of MAS, said Thursday. .
“There are more inquiries as expected when there is greater uncertainty, but the real cash flows are not very large. The flow of business activity is also not significant,” he added.
Menon was speaking at a press conference to publish the central bank’s annual report. I was answering a question about whether Singapore has seen any movement of financial activity from Hong Kong.
China introduced a new national security law in Hong Kong last month. The move raised concerns about the uncertainties surrounding China’s semi-autonomous territory, and some say it could affect Hong Kong’s status as a commercial and financial hub in Asia.
Hong Kong is a formidable financial center, it has a variety of attractions and people want to be there and it has its own advantages.
Ravi Menon
Managing Director, Monetary Authority of Singapore
Regarding financial institutions that move from Hong Kong to Singapore, Menon noted that most industry players have operations in both cities. He said issues like Hong Kong’s new national security law may lead financial institutions to think more carefully about which of the two cities to base their “incremental investments” on, but companies will not uproot one in favor of the other. said.
“Hong Kong is a formidable financial center, it has a variety of attractions and people want to be there and it has its own advantages,” Menon said.
“So I think we should not over-emphasize Hong Kong’s exits. In fact, from Singapore’s perspective, we would rather see a successful Hong Kong,” he added. “If things go very badly in Hong Kong, that is not good for the region, that will not be good for Singapore.”
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