Hong Kong's 1967 lesson: Move fast to win Asia's rich in dollar turmoil

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Hong Kong's 1967 lesson: Move fast to win Asia's rich in dollar turmoil - Business Standard

Quick Summary:

Expect some of the inertia to carry on: Indian family offices’ list of preferred locations will more likely continue to include Singapore, alongside London and Dubai — all cities with significant populations of nonresident Indians.

That’s because the city-state, eager to chart an independent economic destiny after its separation from Malaysia, quickly set up an Asian dollar market with the help of Dick van Oenen, a Dutch trader at Bank of America.

A corollary for Hong Kong as a financial center is that it will need to give plenty of yuan-denominated options to those parking their assets in the city.