An investment note from U.S. bank Goldman Sachs places the high-end estimate of Hong Kong's capital outflows to Singapore at more than $4 billion as of August 2019.
The note sent out earlier this week did not directly attribute this to protests that have rocked the special administrative territory since June. «We found modest net outflow from HKD deposits in Hong Kong and modest net inflow of FX (forex) deposits in Singapore,» the document said, «Bloomberg» reported (behind paywall).
«We believe the debate on Hong Kong outflow/liquidity will remain active and the data points for September (and beyond) critical in shaping the same,» the note added.
Foreign-currency deposits by non-bank customers grew by 52 percent to a record S$12.8 billion ($1.63 billion) in August, compared to S$8.4 billion in 2018 «South China Morning Post» reported, citing Monetary Authority of Singapore data.
Post-Shooting Protest
Protests peaked on Tuesday, China's national day, when tensions led to an unprecedented six live rounds being fired on protestors by police, including one against an 18-year old demonstrator. Workers in the heart of the financial center took the streets the following day to denounce the act.
