Friday, 26 September 2008

Hong Kong Update

Hong Kong rattled as rumours trigger two-day run on the Bank of East Asia

Total withdrawals from BEA on Wednesday were estimated at HK$2 billion by analysts at DBS Vickers Securities – a manageable 0.7 per-cent of the bank’s HK$300 billion deposit base.

Banks have a required reserve ratio of funds to cover depositors withdrawls - most chinese banks have a 10% ratio so 2 billion of withdrawls is equal to approximately 7.5% fall... manageable or not?

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