The Blubber

Per Reuters

HSBC allegedly blocked access for Hong Kong expats to their own retirement funds. This resulted in lawmakers in the US and Britain putting pressure on the bank, which was already the subject of criticism for its alleged actions.

The pressure comes from the chair of US Congress, Mike Gallagher and the chair of Britain's Foreign Affairs selected committee, Alicia Kearns. A letter was sent directly to HSBC CEO Noel Quinn regarding their "deep concern."

An HSBC spokesperson commented on the issue, saying they required evidence of the "right of abode" outside the country.

"In the case of permanent departure, scheme members are required to provide evidence of the right of abode outside of Hong Kong... The MPFA has published guidance as to what evidence scheme members may rely on and, like all banks, we have to obey the law and the instructions of the regulators."

In March, billionaire investor Mark Mobius said that China restricts capital withdrawal to outside the country. He shared how he struggled to get his own money from his HSBC bank account in Shanghai.

In January, it was reported that China's population started shrinking in 2022 for the first time since 1960. This was as the country only had 9.56 million babies born in 2022 compared to the 10.62 million born in 2021.

See flow at unusualwhales.com/flow.

Other News:

• China restricts capital withdrawal to outside the country, per billionaire investor Mark Mobius
• China's population started shrinking in 2022 for the first time since 1960

Resources:

Reuters