Singapore saw a capital inflow of about S$5.74 billion (HK$32.6 billion) from May to August but the Monetary Authority of Singapore said it did not see a massive inflow from Hong Kong.
Goldman Sachs estimated the capital outflow over the past three months from Hong Kong to Singapore was between US$3 billion (HK$23.5 billion) and US$4 billion.
Some capital left Hong Kong and even if about HK$3 billion is not that large, it is worth attention, said Liao Qun, chief economist at China CITIC Bank International.
Hong Kong saw Hong Kong dollar deposits decline by HK$111 billion in August, according to data from the Hong Kong Monetary Authority.
The new chief executive, Eddie Yue Wai-man, said there is no significant capital outflow from Hong Kong.
Meanwhile, the CNCBI Cross-border Banking Demand Index, which captures the trends of cross-border demand from mainland companies and individuals for services provided by banks in Hong Kong, stands at a record low of 55.3 in the fourth quarter, down by 1.8 quarter-on-quarter. It underscores the affect of the China-US trade war on the mainland's demand for Hong Kong's cross-border banking services.
In other news, the overnight Hibor dropped sharply to a two-week low of 0.97214 percent with funds released from subscriptions to initial public offering. The yuan, meanwhile, rose 81 points at 7.1246 to the US dollar.