BEIJING/HONG KONG/SHANGHAI — Chinese state lenders are revamping contingency plans in anticipation of U.S. legislation that could penalise banks for serving officials who implement the new national security law for Hong Kong, sources at five state financial institutions said. The dollar is the dominant global currency for international payments and central bank reserves. You never know how things will turn out," one of the sources said. Reflecting concern over the erosion of the former British colony's autonomy, the U.S. House and Senate unanimously passed the bill last week. It has yet to be signed into law by President Donald Trump.

Source: International New York Times July 09, 2020 11:37 UTC