Luckily for HSBC, it’s headquartered in Britain: a country where you can say what you like about Boris Johnson and his shambolic handling of the pandemic.
One, too, where the government does not force a company to cheerlead for a policy it may privately think outrageous. No, the bank only goes in for that sort of thing overseas.
And notably in Hong Kong, home of 54 per cent of last year’s $22.2 billion pre-tax profits.
There, HSBC has put money before morality to back China’s new security law: one that’s an assault on the freedoms of Hong Kong’s people. The bank’s justification only exacerbates the betrayal of 1997’s handover agreement: “We respect and support laws and regulations that will enable Hong Kong to recover and Continue reading Bow to Beijing a low move by HSBC | Business | The Times
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Within the space of just 15 years, China has gone from being the largest net lender to the world to now being a net borrower. The implications for the global economy, and China’s role within that economy, could be significant.
‘If you owe the bank $1 million, you have a problem. But if you owe the bank $1 trillion, then the bank has a problem’. It’s an old gag, but it underscores an important point: the size of your borrowing or lending can have profound implications for your role in the world.(more…)
Could China’s financial repression be good for growth?
China’s financial reform and development over the past four decades could be described as strong in establishing financial institutions and growing financial assets, but weak in liberalising financial markets and improving corporate governance.
When China began economic reform in 1978, it had only one financial institution — the People’s Bank of China. As a centrally planned economy, the state arranged the transfer of funds and there was little demand for financial intermediation.(more…)
BoT and PBC sign agreement on Fintech Collaboration
The two central banks aim to promote the use of innovation and technology to reduce costs and improve efficiency of financial products and services.
On 9 June 2019 Mr. Veerathai Santiprabhob Governor of the Bank of Thailand (BOT) and Mr. Yi Gang Governor of the People’s Bank of China (PBC), signed a Fintech Co-operation Agreement in Fukuoka, Japan.(more…)
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