Standard Chartered CEO says Hong Kong is ‘very, very safe’ as a banking center


Bill Winters, chief executive officer of Standard Chartered, at the Asian Financial Forum 2020 in Hong Kong.

Kyle Lam | Bloomberg | Getty Images

SINGAPORE — Hong Kong’s position as global financial center remains “very, very safe” even as the city is caught up in escalating tensions between the U.S. and China, according to Standard Chartered’s Chief Executive Bill Winters.

“The fact is Hong Kong is sitting here as the gateway to China for capital into China and out of China. That’s only become more clear,” Winters, who’s attending the virtual Singapore Summit, told CNBC’s “Street Signs Asia” on Wednesday.

Beijing earlier this year enacted a controversial national security law in Hong Kong, a Chinese territory with more freedom than mainland cities. The U.S. hit out at the move and sanctioned several individuals — including Hong Kong leader Carrie Lam — for undermining the city’s autonomy.

Stanchart, a British bank that makes much of its profits in Asia, said in June that it believes the national security law “can help maintain the long term economic and social stability of Hong Kong.” Three months in, Winters said that earlier hope for stability “seems to have been well founded and is playing out.”  



Source link

Discover

Sponsor

Latest

GMC reveals Hummer EV’s crab mode

DETROIT — GMC confirmed it will reveal the Hummer electric off-roader Oct. 20 and released a video teasing the vehicle’s so-called crab mode....

Global cosmetics brands and banks linked to palm oil labor abuses: AP

An aerial view of large palm oil plantation in Indonesia.Afriadi Hikmal | Moment | Getty ImagesSome of the world's largest food and cosmetics...

WHO stresses safety and Dr. Fauci says pause in major vaccine trial is ‘not uncommon’

AstraZeneca, one of the frontrunners in the global race for a Covid-19 vaccine, announced Tuesday that it was pausing its late-stage trial to...

Federal health advisors predict four coronavirus vaccine trials backed by U.S. could fail

Rabbi Shmuel Herzfeld has his arm disinfected by Dr. Chao Wang during a clinical trial for a Coronavirus vaccine at Meridian Clinical Research...

Crowds rally in New Zealand’s Auckland against coronavirus lockdown

People wait for a walk-up Covid-19 test on August 14, 2020 in Auckland, New Zealand. Covid-19 restrictions have been reintroduced across New Zealand.Fiona...