Hong Kong banks dive, despite HKMA reassurance on Credit Suisse

📆 3/20/2023 8:50 AM
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HONG KONG, March 20 — Banking shares in Hong Kong tumbled in early trade on Monday, even as the city’s monetary authority said the sector had “insignificant” exposure to...

HONG KONG, March 20 — Banking shares in Hong Kong tumbled in early trade on Monday, even as the city’s monetary authority said the sector had “insignificant” exposure to troubled Swiss banking giant Credit Suisse.

The deal was vital to prevent irreparable economic turmoil from spreading throughout the country and beyond, the Swiss government said. Market heavyweight HSBC tumbled about 6 per cent, while Standard Chartered shed 5 per cent and Hang Seng Bank gave up nearly 2 per cent.Earlier the Hong Kong Monetary Authority said that the city’s banking sector was safe from any fallout.

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