FOREIGN EXCHANGE | Staff Reporter, China

How does China's underground bank crackdown impact Hong Kong's remittance services?

Faster outlflows to Hong Kong is expected as clampdown fears escalate.

According to Bloomberg, the fate of Hong Kong’s money changers shows both the reach of Chinese authorities, and the limits to their power. While a determined crackdown could kill the industry, such a response would risk spooking China’s citizens and exacerbating outflow pressures.

The exodus of funds from Asia’s largest economy has spurred three years of yuan depreciation that at times roiled global markets and influenced monetary policies worldwide, and pushed up asset prices in cities from Hong Kong to Vancouver, adds Bloomberg.

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