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Photographer: Brent Lewin/Bloomberg Photographer: Brent Lewin/Bloomberg

Deposits by non-residents in Singapore banks rose 2.6% in November to S$51.1 billion ($37.9 billion), the eighth consecutive month of gains, according to Monetary Authority of Singapore data.

The uptick from October could reflect continued inflows from Hong Kong amid the political tensions in the former British colony. Non-resident deposits have been rising steadily since March, the data show.

Goldman Sachs Group Inc. estimated in October that as much as $4 billion may have flowed to Singapore due to the turmoil.

Non-resident deposits made up 7.5% of total deposits by non-bank customers of S$682.7 billion in November, up slightly from 7.35% of the total in October.

Major banks and regulators have acknowledged that the rich in Hong Kong have moved some assets to locations including Singapore since the anti-government protests started in June -- though they have stressed that the amount has been small.

In Hong Kong, local dollar deposits fell 0.1% in November to HK$6.9 trillion ($886 billion) from a month earlier, according to official data published Tuesday.

Non-resident deposits in Singapore reflect money from individuals and companies with registered addresses outside Singapore, as well as Singaporeans working abroad.

( Updates with Hong Kong deposit data in 6th paragraph. )