Chinese Media Claim Hong Kong is a Safe Place to Invest Amid Global Banking Crisis, Expert Disagrees
News Analysis
Amid low investor confidence due to recent bank failures in the United States and Switzerland, Chinese state-owned media reported that many wealthy American and Swiss investors closed their onshore accounts and rushed to move their funds to Hong Kong. Financial analysts suggest that Hong Kong remains “an unsafe place” for asset holding and investments.
After the collapse of Silicon Valley Bank (SVB) and Signature Bank in early March, banks worldwide fell into distress one after another; the largest was Credit Suisse, the second-largest bank in Switzerland.
Founded in 1856, Credit Suisse is a “systemically important bank (SIB)” in the country as designated by the Swiss National Bank. It is also one of the “Global Systemically Important Banks (G-SIBs)” defined by the Financial Stability Board in 2021….