From Tyler Durden:
Last week we noted the very significant activity by the Hong Kong Monetary Authority as it bought USDollars in size to support its peg. It appears we have found at least one smoking gun for why they were forced to do this. In what appears to be another sanctions-blowback, Russian oligarchs are de-dollarizing their cash holdings and shifting to Hong Kong Dollars.
Read more at De-Dollarization Continues: Russian Oligarchs Shift Cash To Hong Kong Dollars On Sanctions Concerns | Zero Hedge.