Since last Wednesday, HSBC has grabbed headlines because the group’s Asia Pacific CEO Peter Wong endorsed China’s draft national security law for Hong Kong, which criminalizes subversion and secession. It’s seen as putting an end to the freedom of Hong Kong citizens to make peaceful public protests.
But this isn’t HSBC’s first political move. Last September, HSBC Hong Kong was very supportive of efforts to internationalize the renminbi. More than that, it sees itself as well placed to gain from such a step.
This is the second time China has proposed national security legislation in Hong Kong. From China’s perspective, it wants to quell Hong Kong protests that could set a precedent on the mainland. The 1989 Tiananmen Square demonstrations had a tragic end.
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