HONG KONG—Unrest in Hong Kong has caused as much as $5 billion of capital outflows from the Asian financial hub since April, the Bank of England said, though its Hong Kong equivalent noted this did not necessarily mean the money had left the city’s banking system.
The outflows, which equate to nearly 1.25 percent of Hong Kong’s gross domestic product, began when protests broke out against a now-shelved extradition bill. The protests led to violent clashes and retail sales plunged, pushing the city into its first recession in a decade.
