Beijing June 4 : HSBC and Standard Chartered have given their support to China's new security laws for Hong Kong. The banks made statements saying the proposed law can help maintain long-term stability in the troubled city. According to the Telegraph, the move comes after when Hong Kong's pro Beijing former leader threatens HSBC by saying that the Bank can be replaced overnight. In a carefully worded post on Chinese social media platform on Wednesday, HSBC said that Peter Wong, chief executive of the lender’s Asian businesses, had signed a petition in support of the legislation.
“We reiterate that we respect and support laws and regulations that will enable Hong Kong to recover and rebuild the economy and, at the same time, maintain the principle of ‘one country two systems' the post said. Bank's Asia-Pacific boss Peter Wong has been widely criticised by protesters for breaking his political neutrality which is quite unusual for a business entity. Standard chartered also lends its support to China. In a statement sent to the Financial times standard chartered said “We believe the national security law can help maintain the long-term economic and social stability of Hong Kong,” (UNI)