Chinese Media Claim Hong Kong Is a Safe Place to Invest Amid Global Banking Crisis, Expert Disagrees

The Credit Suisse acquisition deal damages banking industry credibility, lowers investor confidence

Grey clouds in the sky over a Credit Suisse bank in Zurich on Feb. 21, 2022. Ennio Leanza/Keystone via AP

News Analysis

Amid low investor confidence due to recent bank failures in the United States and Switzerland, Chinese state-owned media reported that many wealthy American and Swiss investors closed their onshore accounts and rushed to move their funds to Hong Kong. Financial analysts suggest that Hong Kong remains “an unsafe place” for asset holding and investments.