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Hong Kong’s 106 billionaires, Treasury yields hit recent highs: the numbers moving markets

China’s expanding outbound capital and US bonds’ surging yields are in spotlight this week

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US Treasury Secretary Scott Bessent holds a press conference in Asheville, North Carolina, on Tuesday. Photo: Getty Images/AFP
Yulu Ao

China has been expanding its outbound-investment channels, with a new quota granted and greater overseas allocation by the nation’s pension fund. However, the financial world beyond the mainland is seeing volatility as US bond yields hit 20-month highs.

Here are some of the figures that have drawn the most market attention this week.

US$6.84 billion in new quotas for mutual funds

China’s foreign-exchange regulator approved US$6.84 billion in new, qualified domestic institutional investor (QDII) quotas for mutual funds, insurers and banks’ wealth-management units by the end of August, according to data from the State Administration of Foreign Exchange, expanding their capacity to invest in overseas assets.

Eighteen money managers, including China Asset Management and GF Fund Management, received US$100 million each, while more than 20 Chinese banks’ wealth-management units received quotas for the first time.

Hong Kong has 106 billionaires, second only to New York

Hong Kong remained the world’s second-largest billionaire hub with 106 billionaires, trailing only New York, which had 164, according to wealth data provider Altrata.

Beijing and Shenzhen also ranked among the world’s 15 cities with the most billionaires, helped by wealth creation from the AI boom.

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