HSBC, StanChart, Prudential Drop Up to 6.3% as China Tightens Offshore Account Access
Updated
Updated · Reuters · Jun 4
HSBC, StanChart, Prudential Drop Up to 6.3% as China Tightens Offshore Account Access
3 articles · Updated · Reuters · Jun 4
Summary
HSBC, Standard Chartered and Prudential fell 5% to 6.3% in London, while AIA lost 6.8% in Hong Kong after a report said mainland Chinese faced tighter curbs on opening offshore accounts.
HSBC staff in Shanghai's Lujiazui financial district also reportedly warned that funds deposited into investment accounts must meet Hong Kong regulatory requirements.
The reported curbs hit financial groups seen as exposed to Chinese demand for Hong Kong banking, insurance and cross-border investment products.