The amount of money held in accounts rose by HK$225.84 billion (US$29.14 billion) to break through the HK$14 trillion mark at the end of June. Photo: Bloomberg
Hong Kong bank deposits expand by US$29 billion in June, biggest jump in over two years as hot money chases JD.com, NetEase mega IPOs
- It is the biggest monthly jump since April 2018, at 1.6 per cent, bringing the total cash held in bank accounts beyond HK$14 trillion at the end of June
- The wave of hot money has repeatedly pushed the Hong Kong dollar exchange rate above its upper limit, forcing the HKMA to intervene 32 times as of Friday
The amount of money held in accounts rose by HK$225.84 billion (US$29.14 billion) to break through the HK$14 trillion mark at the end of June. Photo: Bloomberg