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Home / Mike Norman Economics / Mainland Chinese bankers are taking over Hong Kong’s financial sector, displacing their local peers in top roles — Bloomberg

Mainland Chinese bankers are taking over Hong Kong’s financial sector, displacing their local peers in top roles — Bloomberg

Summary:
And that is a good thing. Were you ever in HK under the UK colonial governor? I was–several times. Great for the established, awful for most of the population considering HK wealth disparity. And no, HK was not democratic then. It was governed by a British-run colonial administration. The quicker HK becomes Chinese, the better off the people will be, and this will involve those now benefitting from the remnant of the British raj either changing or leaving. Most will likely leave as the gravy train ends and HK as a tax haven and money laundering center winds down.Those tears being wept over Hong Kong now are crocodile tears.SCMPMainland Chinese bankers are taking over Hong Kong’s financial sector, displacing their local peers in top rolesBloomberg

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And that is a good thing. 

Were you ever in HK under the UK colonial governor? I was–several times. Great for the established, awful for most of the population considering HK wealth disparity. And no, HK was not democratic then. It was governed by a British-run colonial administration. 

The quicker HK becomes Chinese, the better off the people will be, and this will involve those now benefitting from the remnant of the British raj either changing or leaving. Most will likely leave as the gravy train ends and HK as a tax haven and money laundering center winds down.

Bloomberg
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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