Hong Kong 's slowing economy has been a bonus for Hong Kong bankers, money changers and wealth managers, who are seeing an influx of cash from nervous mainlanders. Noah Holdings Group President, Kenny Lam , said "the devaluation of the yuan and the volatility of the domestic market are forming a perfect storm". Hong Kong has long been the financial entry point for foreigners into China and the first place mainland Chinese visited and parked their cash. In fact, the flood of cash has been so high that the Hong Kong Monetary Authority had to sell the Hong Kong Monetary Authority 15.5bn ($ 2bn ) to the market, in an effort to push down the currency. This is coupled with an increased demand for ultra-high-end homes in Hong Kong , as mainland Chinese look for other havens for their money.
Hong Kong 's slowing economy has been a bonus for Hong Kong bankers, money changers and wealth managers, who are seeing an influx of cash from nervous mainlanders. Noah Holdings Group President, Kenny Lam , said "the devaluation of the yuan and the volatility of the domestic market are forming a perfect storm". In fact, the flood of cash has been so high that the Hong Kong Monetary Authority had to sell the Hong Kong Monetary Authority 15.5bn ($ 2bn ) to the market, in an effort to push down the currency. This is coupled with an increased demand for ultra-high-end homes in Hong Kong , as mainland Chinese look for other havens for their money.