Normal Chartered CEO says Hong Kong is ‘very, very protected’ as a banking heart
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“The actual fact is Hong Kong is sitting right here because the gateway to China for capital into China and out of China. That is solely grow to be extra clear,” Winters, who’s attending the digital Singapore Summit, advised CNBC’s “Road Indicators Asia” on Wednesday.
Beijing earlier this yr enacted a controversial nationwide safety legislation in Hong Kong, a Chinese language territory with extra freedom than mainland cities. The U.S. hit out on the transfer and sanctioned a number of people — together with Hong Kong chief Carrie Lam — for undermining town’s autonomy.
Stanchart, a British financial institution that makes a lot of its earnings in Asia, stated in June that it believes the nationwide safety legislation “may help preserve the long run financial and social stability of Hong Kong.” Three months in, Winters stated that earlier hope for stability “appears to have been effectively based and is enjoying out.”