A private banking industry group in Singapore on Friday denied a media report that the city state had asked global banks to keep quiet on wealth inflows coming from China over the past year due to political sensitivity.
The Financial Times reported earlier on Friday, citing unidentified people, that the "tacit directive" on China wealth inflows was given by the Monetary Authority of Singapore (MAS) during a Feb. 20 meeting of the Private Banking Industry Group (PBIG), co-chaired by the MAS and UBS.
