Chinese Move Billions to Hong Kong Banks, Seeking Higher Yields
- HSBC, Bank of China, StanChart seeing rush of account openings
- Mainlanders put money into fixed deposits, insurance, bonds
Many are opening accounts to tap a wider range of investment options — from insurance to fixed deposits — to capture the Asian financial hub’s higher interest rates and escape mainland China’s moribund markets.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
HSBC Holdings Plc attracted more than 130,000 new bank customers in Hong Kong in the first quarter. Bank of China (Hong Kong) gained 200,000 new cross-border clients in 2023, while at Hang Seng Bank, new account openings for non-residents jumped 342% last year.
The surge is in large part being driven by mainland Chinese flocking to Hong Kong and offers a welcome bright spot for the city that’s struggling to recover after the pandemic and years of political upheaval.