Hong Kong Pulls Up the Drawbridge

Hong Kong’s reputation as a well-run financial center open to all competition, has suffered two blows in the past few days. Both may echo long after the immediate noise dies away. The more important but least noticed by most of the media was a July 18 announcement from the Hong Kong Monetary Authority (HKMA) imposing a cap on foreign government entities holding more than 20 percent of the capital of one of the three note-issuing banks in the territory – HSBC, Standard Chartered and Bank of China.

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