Franki Chan / Associated Press
- Hong Kong's rich are moving gold out of the capital to ward off the impact of a Draconian law, the Financial Times reported Friday.
- The FT said one Hong Kong based gold dealer and provider said the trend began when the city faced mass protests over the last 12 months, over an extradition bill.
- Investors are moving gold to Singapore and Switzerland, another source told the FT.
- China imposed a strict law in May over Hong Kong's legislation and critics say it violates the "One Country, Two Systems" that has been in place since 1997.
- Visit Business Insider's homepage for more stories.
Investors are flocking into gold to avoid missing out on its biggest rally of all time. But in the meantime, wealthy investors in Hong Kong are moving their gold out of the country, because of their concerns over China's draconian law.
The Financial Times, citing a number of gold experts, reported Friday that many of the city's rich are looking to move gold to countries with safer geopolitical environments, such as Singapore or Switzerland.
See the rest of the story at Business Insider
NOW WATCH: What it takes to be a PGA Tour caddie
See Also:
- Mark Zuckerberg just became the third person on Earth worth over $100 billion. Here's how the Facebook CEO makes and spends his fortune.
- 19 signs that you're a narcissist and don't even know it
- We asked a career expert to build the perfect resume. Here's a template you can use to update your CV and land a dream job.
from Business Insider https://ift.tt/3fCko5h
No comments:
Post a Comment