PBOC Says It Supports Hong Kong’s Role as a Financial Center
(Bloomberg) -- China's central bank said it will “unswervingly” support Hong Kong's role as an international financial center, in a statement backing the Beijing government's controversial move to introduce a national security law for the territory.
The People's Bank of China will work to maintain “Hong Kong's economic and financial stability and prosperity,” according to a statement posted late Thursday on the institution's website. The PBOC said it “resolutely supports” the law, which it says will protect national security in Hong Kong.
China's banking and insurance regulator issued a similar statement, saying that any actions hurting Hong Kong's financial prosperity and stability would be against the interests of all foreign financial institutions, including U.S. ones. The China Banking and Insurance Regulatory Commission said it hadn't seen any abnormal outflows from the city and its currency peg is stable.
Read more: Capital Flight Fears Grow Alongside Hong Kong Political Turmoil
Hong Kong has found itself squeezed between the U.S. and China's escalating rivalry in recent weeks, with President Donald Trump threatening to take measures that could harm the city's financial hub status in response to Beijing's security law.
©2020 Bloomberg L.P.
With assistance from Bloomberg
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