Chinese banks launch contingency plans as US sanctions loom.

BANKING AND CREDIT NEWS-July 10, 2020--Chinese banks launch contingency plans as US sanctions loom

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Global Banking News - 10 July 2020

Chinese banks are launching contingency plans as sanctions from the US are expected anytime.

The US is looking to hit China with new sanctions in relation to new Chinese security laws meant for Hong Kong. It is widely believed that the new rules will reduce autonomy for Hong Kong and impact human rights in that city. The US is now preparing legislation that could penalise banks for serving officials who are involved in the creation and implementation of the new security laws.

Depending on the severity of the sanctions, firms such as Bank of China...

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