Hong Kong investment products like insurance and high-yield time deposits are in high demand among wealthy Chinese seeking to protect returns from a domestic economic and property downturn and a weaker currency. This trend accelerated after China relaxed “wealth connect” rules in February, allowing more small investors to participate. The programme lets residents of nine Guangdong cities buy Hong Kong and Macau investment products, and vice versa. In March, mainland investments in Hong Kong and Macau hit a record CNY13bn (USD1.79bn), up nearly eight times from February. Wealth managers in Hong Kong report a surge in new account openings and family office inquiries from Chinese clients. HSBC and Citigroup noted strong demand from mainland clients, driven by limited investment options and low yields in China.