The year 1949 was a great divide in modern Chinese history. How Shanghai bankers responded to it is an interesting question to address. For those bankers who chose to leave Shanghai and settle in British Hong Kong, can we suppose they were permanently separated from China or Taiwan? It is generally assumed that once the Shanghai bankers confined themselves to their new home in Hong Kong or moved on to other locations in the United States or elsewhere, they immediately severed all ties with either mainland China under the ccp(Chinese Communist Party) or Taiwan under the kmt(Kuomintang or Guomindang). Such an assumption leads to a mistaken argument that the departure of Chinese bankers from Shanghai cut short their involvements in China politics. Perhaps it is true that some emigrant bankers never returned, but others remained in touch with their home in China, whether because they were solicited by the agents who were sent to the colony by the ccpin China and the kmtin Taiwan, or, because they took the initiative in reaching across the borders to mainland China or Taiwan. From their sanctuary in Hong Kong, how did the bankers conduct cross-border relations after 1949?This paper will go beyond the general assumption that the Shanghai bankers turned to Hong Kong solely for the colony’s being a sanctuary during the political and economic turmoil of the 1940s. Instead, these bankers continued to engage in political confrontation to the ccpand the kmtafter they fled Shanghai. This paper argues that once they were in the colony, they had to address several problems. These included, first, to choose their final destination in either Shanghai, Hong Kong or Taipei; second, whether to continue or quit their banking careers and thirdly, to find a solution in order to counteract the alignment with either the ccpor the kmt.1949年是中國近代史的分水嶺，上海銀行家對面對動盪不安的局勢會作出怎樣的回應，是一個很值得討論的問題。一旦銀行家選擇離開上海，轉移到英屬香港，他們就可完全脫離國共內戰的地理範疇──中國大陸或臺灣嗎？一般的研究無不認為已從香港轉移到香港的上海銀行家，目的為遠離包括在大陸執政的中國共產黨或撤退至臺灣的國民黨。本文指出，這樣的設想是對當時處於動盪政治經濟局勢的上海銀行家的錯誤理解。事實上，當時是有一部份從上海撤離的銀行家並不願意再被捲入政治，但是有更多已在境外的銀行家，透過自己在國共兩黨的代表，與中國大陸或臺灣保持緊密之聯繫，也有許多銀行家是主動地發展出跨境的管道來維持與中國大陸或臺灣的關係。值得探討的是，1949年之後，這些以英屬香港為基地的跨境聯繫是如何運作的呢？本文探討1940年代末在中國變動的政治與經濟局勢下，香港不僅為離開上海的銀行家提供一個安全的庇護所，同時更是這些銀行家在離開上海後繼續面對中國共產黨和國民黨，進行各種活動的最重要境外基地。本文指出這些上海銀行家在移居香港之際所要面對的諸多問題。首先，如何在上海、香港和臺北三地之間作出選擇，哪裏是他們最佳的落腳處？其次，是否要繼續和如何維持銀行的業務？最後，應如何因應中國共產黨和中國國民黨向他們的統戰而作出適當的反應？ (This article is in English).