R24
NewsAgency
Hourly news
G7 Minerals Pact Stalls Over US Pricing FormulaMapping High School Graduation Rates Across the United StatesUkraine and Moldova Launch Formal EU Accession NegotiationsIntesa Sanpaolo pledges government cooperation in potential MPS bidGermany Scraps Variable Drug Discount Plan After Industry BacklashNursing student finds unlikely best friend in 96-year-old patientG7 Minerals Pact Stalls Over US Pricing FormulaMapping High School Graduation Rates Across the United StatesUkraine and Moldova Launch Formal EU Accession NegotiationsIntesa Sanpaolo pledges government cooperation in potential MPS bidGermany Scraps Variable Drug Discount Plan After Industry BacklashNursing student finds unlikely best friend in 96-year-old patient
Business

China’s offshore banking crackdown triggers sell-off in London

A sudden shift in Chinese regulatory scrutiny rattled British financial markets on Thursday, as shares in HSBC, Standard Chartered, and Prudential tumbled following reports of new constraints on mainland residents opening offshore accounts. Investors reacted sharply to news that access to Hong Kong-based investment vehicles is being curtailed.

Jun 4, 15:18Business Person
China’s offshore banking crackdown triggers sell-off in London

The South China Morning Post reported that the Bank of East Asia’s Shanghai branch has halted the opening of Hong Kong accounts designed for overseas investment. This development signaled a broader tightening of capital controls, prompting immediate concern regarding the cross-border operations of major financial institutions.

HSBC, Standard Chartered, and Prudential experienced a significant retreat in London, with share prices dropping between 5% and 6.3%. Meanwhile, AIA Group shares slid 6.8% in Hong Kong. Reports from a local HSBC branch in Lujiazui added to the unease, with staff emphasizing that all deposits must strictly adhere to Hong Kong’s evolving regulatory framework. The affected firms have yet to provide official comment on the reported policy shifts.

Comments

Comments (0)

Leave a comment

No comments yet. Be the first!