HSBC CEO says wealth flow from mainland China to Hong Kong up 3 to 4 times this year

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HSBC CEO Quinn</p><ul><li>Says bank has
recruited silicon valley bank team in Hong Kong</li><li>Says new to bank
activity in retail banking in greater bay area up by 70%, SME
activity in Hong Kong up 90% post COVID.</li><li>Says wealth flow
from mainland China to Hong Kong has grown by 3 to 4 times this year</li></ul><p>There is a wider flow of wealth out of China than what he is referring to, investors are nervous about heavy-handed intervention by Chinese Communist Party Chairman Xi weighing on business.</p><p>—</p><p>Speaking from the Hong Kong Monetary Authority is Global Financial Leaders' Investment Summit:</p><ul><li>jointly organised with the Securities and Futures Commission and the Hong Kong Academy of Finance:</li></ul><ul><li>a three-day event</li><li>including roundtable discussion, welcome dinner, main summit event and an investment forum</li><li>attended by financial leaders from global financial institutions including banks, securities firms, asset managers, sovereign wealth funds, private equity and venture capital firms, hedge funds, and insurers</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.