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HK Banks Toughen Account Opening for Mainland CN Clients, Strengthen Monitoring of Cross-border Funds; HSBC Shrs Once Slump 6%+ in London
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Concerns over the stricter monitoring by the Mainland Chinese government of cross-border funds went viral. Some banks, according to a report by the South China Morning Post, have suspended opening Hong Kong bank accounts for Chinese clients that can be used for overseas investments. Yesterday (4th), HK-listed financial stocks came under notable pressure. AIA (01299.HK) plunged 6.75%, HSBC HOLDINGS (00005.HK) fell 0.34%, STANCHART (02888.HK) declined 2.4%, and PRU (02378.HK) slid 3.57%. The Shanghai branch of BANK OF E ASIA (00023.HK) has suspended the opening of such accounts, report told. HSBC has also warned clients that all funds deposited into investment accounts must comply with Hong Kong regulatory requirements. In addition to lenders providing cross-border bank accounts, the latest clampdown has also affected insurance companies, which rely heavily on Chinese visitors to Hong Kong to purchase insurance products. Last night, HSBC share price once tumbled more than 6% in London before closing down 1.8%. PRU slumped 7.6% in London, while STANCHART (02888.HK) shed 2.81%. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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