Beijings

HSBC and Standard Chartered back Beijing’s Hong Kong security law

HONG KONG — The two British lenders that dominate Hong Kong banking have come out in support of Beijing’s national security law for the city despite opposition from the U.K. government, highlighting the pressure on businesses to choose sides over the contentious legislation.

HSBC Holdings and Standard Chartered on Wednesday in carefully worded statements endorsed the proposed law, which opponents say will end the “one country, two systems” framework that governs the territory and eventually end the city’s role as a global financial center.

The two statements — which come a week after former Hong Kong leader Leung Chun-ying called

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Beijing’s Hong Kong security bill immediately countered by US lawmakers

HONG KONG/NEW YORK — Hours after Beijing signaled a tighter grip on Hong Kong with new national security legislation, American lawmakers proposed a bill that would essentially sanction any Chinese officials that enforce such a law.

Senators Pat Toomey, a Republican, and Chris Van Hollen, a Democrat, said in a statement Thursday the bill would also require sanctions on banks that do business with such entities.

“In many ways, Hong Kong is the canary in the coal mine for Asia,” Toomey said in the statement. “Beijing’s growing interference could have a chilling effect on other nations struggling for freedom in

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