China Move to Fight Sanctions Gives Hong Kong Banks New Worry
- Lawmakers in Beijing could take steps next month, SCMP says
- Move follows U.S. warnings that measure endangered companies
Photographer: Billy H.C. Kwok/Bloomberg
China’s top legislative body will take the first steps toward imposing an anti-sanctions law on Hong Kong, local media reported, a move that could create complications for multinationals caught in rising tensions between Washington and Beijing.
The National People’s Congress Standing Committee will add the legislation to Hong Kong’s Basic Law next month, media including the South China Morning Post newspaper reported Wednesday, citing people they didn’t identify. The state-run Xinhua News Agency said Tuesday that the body would consider adding national laws to the annexes of the charters of both Hong Kong and Macau during a closed-door session Aug. 17-20, without specifying what legislation was under discussion.