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Hong Kong protests

China security law has Hong Kongers eyeing offshore accounts

Banks see jump in inquiries as savers wonder whether their nest eggs are safe

Investment managers in Hong Kong say clients are asking about opening accounts in other jurisdictions. (Photo by Rie Ishii)

HONG KONG -- Hong Kong banks and investment managers are seeing a surge of inquiries about offshore accounts in the wake of China's decision to introduce a new national security law in the territory.

Managers of family offices say that since Beijing unveiled its plans for the law in May they see more demand for information on offshore accounts as clients seek ways to move their money. Banks such as HSBC, Standard Chartered, Citigroup and Singapore's DBS have also seen increases in inquiries regarding offshore banking services of 30% to 50% according to six people who are familiar with the trends.

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