“My friends in the U.K. have been telling everyone to move their money out of Hong Kong,” said Simon Lee, co-director of the international business and Chinese enterprise program at the Chinese University of Hong Kong. “In terms of the safety of assets, Hong Kong is no different from China now.”Still, Hong Kong plays a vital role as a conduit for capital into and out of China. AdvertisementAlthough the company is headquartered in London, the bulk of the bank’s business is in Hong Kong and mainland China. It was later pilloried in Hong Kong by pro-Beijing figures for not supporting the national security law early on. Hong Kong Chief Executive Carrie Lam said she can no longer access banks because of U.S. sanctions.

Source: Los Angeles Times December 16, 2020 09:32 UTC