Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "Panic! China’s Banks Run Out of Money? Chinese Frantically Rush to Open Accounts in Hong Kong" video.

  1. 💰 Mainland Chinese tourists are flocking to Hong Kong to open accounts and deposit money due to the higher interest rates compared to China. 00:34 Hong Kong's deposit rate can now go up to 9%, while it's around 2% in China. Bank employees in Hong Kong have reported a large influx of mainland Chinese customers rushing to open accounts. 🏦 Mainland Chinese clients are increasingly opening bank accounts in Hong Kong due to the current unfavorable investment environment in China. 03:28 Insurance brokers in Hong Kong are helping clients open bank accounts after signing insurance policies. Many mainland Chinese clients are buying insurance and investment products in Hong Kong. Opening a bank account in Hong Kong with a Hong Kong identity card is straightforward, but it's still doable with a China identity card. 💰 Mainland Chinese tourists are queuing outside Hong Kong banks to open accounts due to higher interest rates and perceived safety. 06:51 Mainland Chinese tourists are attracted to Hong Kong banks due to the higher interest rates compared to the mainland. Transferring funds to Hong Kong is considered exceptionally safe amidst collapsing banks and perceived financial risks in the West. The monthly interest difference for a 1 million US dollar deposit can be around 14,000 renminbi. 💰 Chinese investors are increasingly opening accounts in Hong Kong due to higher interest rates and concerns about China's economic future. 10:16 Hong Kong banks have significantly increased their deposit rates, with some reaching over 5% for one-year fixed deposits. Interest rates in China's state-owned banks are generally below 3%, while Mainland Chinese investors can enjoy doubled annual interest rates in Hong Kong. Chinese investors are drawn to open accounts in Hong Kong due to the safety of their funds and the potential for asset appreciation. 💰 Wealthy individuals in China use underground banks to funnel their money to Hong Kong, backed by high-ranking officials within the Chinese Communist Party. 13:27 Chinese policies make it difficult for wealthy individuals to transfer large amounts of money abroad, leading them to use underground banks. Underground banks continue to exist due to protection from high-ranking officials within the Chinese Communist Party.
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