In Singapore, foreign currency worth record US$19.2 billion deposited in April, due to Covid-19, HK protests and trade war

With the coronavirus pandemic causing financial markets to tank and a prolonged period of uncertainty ahead, investors have been flocking to keep their cash in Singapore, with bank deposits in foreign currencies reaching an all-time high of S$26.9 billion (US$19.2 billion) in April. In fact, such deposits have been steadily increasing since July, last year, data from the Monetary Authority of Singapore shows. Analysts said the ongoing political crisis in Hong Kong, which started as a series of…