Shrinking China Trade Drags on Hong Kong to Singapore Banks
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The business of financing China’s trade is shrinking, curbing what had been a fast-growing revenue stream for banks in Hong Kong and Singapore over the past decade.
Since reaching a peak of about $145 billion in June last year, the value of trade loans provided by lenders in the two financial hubs has tumbled 20 percent due to the slowing Chinese economy and a slump in commodity prices, central bank data show.