Living
China’s Growing Power Is Scaring Ordinary Savers Out of Hong Kong
Bank of America estimates outflows could reach $36 billion this year as anxious Hong Kong residents reassess their options
This article is for subscribers only.
It was the freezing of bank accounts that changed Dan’s mind.
The Hongkonger, a finance worker in his early 50s, watched China tighten its grip on the city over the past few years with growing nervousness. Yet as a self-described apolitical person — he hadn’t attended any of the protests that hit the city in 2019, for example — he wasn’t really worried about being personally affected.