As Beijing tightens its grip on cross-border capital flows and reshapes tax policy around overseas insurance, one of the world's largest banks is urging patience over panic. JPMorgan's North Asia chief, speaking from Hong Kong in late August, offered a measured counterpoint to the anxiety rippling through regional wealth management circles — arguing that the city's role as a financial sanctuary for Asia's wealthy is rooted in needs too fundamental to be legislated away. In the longer arc of financial history, she suggested, policy friction rarely extinguishes the durable human impulse to prese