NEWS ANALYSIS: Singapore and HongKong not a zero-sum game
CIMB Private Bank economist Song Seng Wun quipped:"We are all linked - we sink or swim together."
To be clear, foreign currency deposits can come from both residents and non-residents, and the latter can come from multiple countries. CIMB Private Bank economist Song Seng Wun noted:"The jump in the growth in foreign currency deposits seems to coincide with the start of the Hong Kong unrest and the worsening of law and order there."
When queried, the Monetary Authority of Singapore reiterated its stance that the inflows from Hong Kong have not been significant or substantial. A deterioriation of the situation in Hong Kong resulting in large capital outflows"will not be positive" for Singapore and the region, added the spokesperson.
There has also not been any strong evidence in terms of data to suggest a sharp inflow of Hong Kong money into Singapore residential properties, but there has been a surge in Chinese interest, particularly in luxury homes. But should Hong Kong's woes continue to escalate, things might change. As it is, recruitment specialists say that overseas candidates now need more coaxing to make a move to Hong Kong due to the uncertain political climate, and are eyeing other markets such as Singapore.
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