@traineeinvestor, yes i kind of think so.. i don't really know cos i am not in the ops department..
i think there are a few means >>
- First is simply is to dump the HKD for other currencies.. this would be easy to detect as the aggregate balance would have reduced but it hasn't since very early this year
- Second is as you say, removing assets custodized with a hk bank and move it to a singapore bank.. This somewhat means moving of the assets, but again you don't really know where the banks custodize their assets. Eg. hk shares, end of the day are still likely custodized in HK and not moved around.
- Third, rebooking of money into a SG ledger.. Not sure how would it impact but i am sure if you still hold HKD, the daily excess deposits are still going to sit in HKMA's defecto current account..
If you ask me, the more meaningful way is to move is to sell HK assets and purchase non HK assets, which generally means properties.. not just shares/cash...