Reuters reveals Hong Kong capital outflows to Canada hit record C$43.6 bln in 2020 amid China crackdown

Reuters exclusively reported that Hong Kong residents moved about C$43.6 billion of their bank deposits to Canada last year as China imposed a sweeping national security law, which critics say was aimed at stifling dissent, an allegation denied by Beijing. The previously unreported outflow data, obtained exclusively from Canadian anti-money laundering agency FINTRAC by Reuters, is the highest since 2012 when the earliest FINTRAC records are available. It is also the first evidence of a significant flight of capital overseas from the Asian financial hub following the security turmoil.