By Gina Lee
Investing.com – HSBC has responded to the criticism it has received over its support of China’s national security laws for Hong Kong.
The National People’s Congress unanimously approved the drafting and the enactment of the laws in Hong Kong and Macau in late May. After an initial silence, HSBC’s Asia-Pacific CEO Peter Wong signed a petition in support of the laws earlier in the month.
The bank’s co-head of global banking and markets Greg Guyett said in an internal memo, “China and the West will continue to have deep economic and trade relationships - and Hong Kong will remain an important conduit given its robust markets and business framework.”
The memo reiterated HSBC’s support for the laws. “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.”
U.K. Foreign Secretary Dominic Raab was the latest politician to issue a warning to the bank during a daily news briefing on Monday. His U.S. counterpart Michael Pompeo criticized “corporate kowtows” in response to the laws during the previous week.
HSBC (HK:0005) shares were down 0.53% to HK$37.20 ($4.80) by 1:13 AM ET (6:13 AM GMT).