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In Singapore, foreign currency worth record US$19.2 billion deposited in April, due to Covid-19, HK protests and trade war

Jun 04, 2020 | 🚀 Fathership
"Certainly Singapore saw inflows while Hong Kong saw outflows," she said.

Pan Jingyi, a market strategist at IG Singapore, said the protests, which continued through the second half of 2019, underpinned investors' search for safe havens.

Singapore is generally regarded as one such safe haven in Asia, given its reputation as a financial centre with strong government fundamentals, she added.

"The Singapore banks are the only banks in the Asia-Pacifc region we rate stand-alone in the double 'AA' range and therefore more likely to attract funds in times of stress," she said.

Measures undertaken in Singapore to tackle the pandemic could also be another factor, Pan said.