Despite concerns over potential capital flight following the enactment of the national security law in 2020, Hong Kong’s financial sector has seen significant growth, stated Eddie Yue, chief of the city’s de-facto central bank, during a speech marking the legislation’s fourth anniversary. According to Yue, the number of private equity and hedge fund managers, along with family offices in Hong Kong, has risen by 24% over the past three years. Addressing rumours of financial instability that surfaced during his 2019 appointment amidst political unrest, Yue highlighted that total banking deposits in Hong Kong have increased by 21% in the past five years, countering fears of capital flight and underscoring a robust inflow of funds into the city.
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