Hong Kong's global banks brace for 'cold war' to escalate
CNN
Banks in Hong Kong are increasingly being squeezed by a series of changes forcing them to fall in line with Beijing's agenda.
Financial institutions have been grappling with rising geopolitical risks, which have put pressure on how they operate in Hong Kong. The latest blow: orders to block access to retirement funds for Hong Kongers looking to leave the city on special British passports issued largely during colonial rule. This month, politicians also floated a new anti-sanctions bill that would bar foreign entities and individuals in Hong Kong from complying with sanctions against China, which now controls the former British colony. Experts say this could create headaches for financial institutions in the city, due to the global nature of their work.
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