China’s banking regulator says U.S. sanctions would not shake Hong Kong

China’s banking regulator says U.S. sanctions would not shake Hong Kong

© Reuters. © Reuters.

HONG KONG/BEIJING (Reuters) – Hong Kong’s financial markets and currency peg with the U.S. dollar are stable and sanctions proposed by some U.S. politicians will not have a material impact, a spokesperson at the China Banking and Insurance Regulatory Commission said on Thursday.

The spokesperson said Hong Kong’s separate customs area status is set by the World Trade Organization, and that its status as an international financial hub will not be shaken, according to a Q&A published by the regulator.

The comments came after Beijing moved to impose a national security law on Hong Kong and Washington threatened to respond by cancelling Hong Kong’s special trading status with the United States.

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