The unrest in Hong Kong has led to as much as $5 billion of capital outflow from...
FILE PHOTO: A general view of the city of Hong Kong from the Peak Tower, China September 5, 2019. REUTERS/Amr Abdallah Dalsh
HONG KONG - The unrest in Hong Kong has led to as much as $5 billion of capital outflow from investment funds in the Asian financial hub since April, the Bank of England said. The flight of capital, which accounted for nearly 1.25% of the region’s GDP, began after the city’s government pushed for a bill that would allow extradition to Mainland China, according to the central bank’s Financial Stability Report released on Monday.
As protests against the bill intensified and led to violent clashes, retail sales plunged, pushing the city into its first recession in a decade. “These political tensions pose risks, given Hong Kong’s position as a major financial center,” the report said.
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