Hong Kong is central to China’s capital markets ecosystem, but is a digital currency?

Western visitors returning to China for face-to-face meetings will find a country as keen to attract outside investment as it is to develop a self-sufficient financial and technological ecosystem. Hong Kong’s role in this complex process seems more important than before; it has noticed <a href="https://www.asianinvestor.net/article/singapore-family-offices-grow-as-wealthy-chinese-look-beyond-hong-kong/483000" rel="noopener ugc nofollow" target="_blank">a marked outflowing of wealth management operations to Singapore</a> and is now putting together a <a href="https://www.investhk.gov.hk/en/why-hong-kong/supportive-government.html" rel="noopener ugc nofollow" target="_blank">well-funded campaign</a> to try to reverse the trend. To hear this from the Hong Kong Monetary Authority, InvestHK and others based in the special administrative region isn’t surprising. To hear it from the People’s Bank of China and the major Chinese banks perhaps is. The clarity and uniformity of the message sounded like Chinese government policy. Why? The wealth management migration <a href="https://www.cnbc.com/2022/03/30/chinas-wealthy-moving-money-to-singapore-amid-common-prosperity-push.html" rel="noopener ugc nofollow" target="_blank">is attributed to political risk</a>, <a href="https://www.reuters.com/business/finance/china-renaissance-says-it-is-unable-contact-chairman-bao-fan-2023-02-17/" rel="noopener ugc nofollow" target="_blank">as some high-level financiers have disappeared</a> in Hong Kong and found themselves helping Chinese authorities with their enquiries. Departing expats grumble about the <a href="https://en.wikipedia.org/wiki/Hong_Kong_national_security_law" rel="noopener ugc nofollow" target="_blank">national security law</a>, although a Hong Kong official contended that it is less stringent than the US Patriot Act. <a href="https://medium.com/coinmonks/hong-kong-is-central-to-chinas-capital-markets-ecosystem-but-is-a-digital-currency-8c7ca6bc4d23">Click Here</a>