US House passes bill to penalise banks doing business with China officials

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Britain reprimands HSBC saying the rights of Hong Kong should not be sacrificed for bankers' bonuses. FMTNews US China

The iconic lion statue in front of an HSBC Bank branch in Hong Kong was defaced with red paint on Jan 2.

Hong Kong returned to Chinese rule in 1997 under a “one country, two systems” formula that protected its freedoms, including an independent legal system, and wide-ranging autonomy. Senior British and US politicians criticised HSBC and Standard Chartered last month after the banks backed the new law. The US Senate passed similar legislation last week, but under congressional rules, the bill must return to the Senate and be passed there before being sent to the White House for President Donald Trump to sign into law or veto.

 

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