Will China’s cross-border capital curbs drive a rush to MRF and WMC?

Following a US$330 million fine in May 2026 on three brokerages for illegal cross-border trading, Beijing’s rising scrutiny has prompted a quiet retreat among some of Hong Kong’s private banks. By early June, several global private banks began deferring mainland events and tightening travel reviews, opting for caution as capital controls intensified. Niki Wu, Morningstar The regulatory moves against illegal…

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