Singapore’s Record Deposits Seen Signaling Risk Aversion
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A jump in Singapore bank deposits probably reflects investors’ risk aversion and inflows from markets including Hong Kong given the country’s status as a private banking hub, according to Bloomberg Intelligence.
Foreign-currency deposits at local banks almost quadrupled from a year earlier to a record S$27 billion in April, Monetary Authority of Singapore figures showed Monday. Deposits from non-residents surged 44% to S$62 billion, also the highest level since 1991 when records began, the data show.