A large number of deposits flow from Hong Kong to Singapore
In 2015, MAS announced that the two ledgers would be merged because separation no longer makes sense. Legislative amendments aimed at bridging the differences between DBU and ACU were passed by parliament in January and will take effect on a later date, MAS said.
Executive Solutions Ltd works closely with clients to set up china virtual office, helping you to enter the Chinese market at lowest prices in China. Contact us at 31882245 to make doing business in China simple and easy!The HKMA responded to media reports of a large number of deposits flowing from Hong Kong to Singapore last week. Several media outlets, including and, quoted HKMA data last week as saying that foreign currency deposits at local banks were almost four times that of the same period last year, reaching a record $27 billion in April.
How to use company seal hong kong? In Hong Kong, under the New Companies Ordinance (NCO), companies are no longer required to have a common seal. Contact Executive Solutions Ltd to know more.This shows that the jump in bank deposits in Singapore reflects risk aversion among investors and inflows from markets, including Hong Kong, the report said.
The HKMA said that in the current economic downturn related to COVID-19, there were some well-known global drivers driving deposit growth, including central bank actions to increase liquidity in the financial system, increased liquidity in banks and corporate treasuries, and an increase in household precautionary savings. It added: "deposits in other financial centres have also increased significantly."Related articles: