SHANGHAI/HONG KONG : Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure.The outflows highlight deep-seated concern about the state of China's economy as its much-awaited pand
SHANGHAI/HONG KONG : Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure.
"More and more people realise they cannot put their eggs in one basket," said Helen Zhao, an insurance broker busy helping mainland clients sign Hong Kong deals, citing Sino-U.S. frictions and pessimism about China's outlook as motivating factors. "Some clients were a bit of shocked by the policy U-turn, and they grow pessimistic about China's economy," he said."The burst of insurance buying in Hong Kong reflects a gloomy domestic outlook, and worries about an uncertain future."
"Offshore demand for policies denominated in Hong Kong dollars is low – U.S. dollar-denominated policies are more prevalent, to provide access to global asset allocation," said Lawrence Lam, chief executive officer at Prudential Hong Kong.
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