Posted on 12/11/2019 7:29:05 PM PST by SeekAndFind
US legislation that paves the way for diplomatic action and sanctions against Hong Kong could potentially threaten the city’s exchange rate peg and long-term status as a financial centre, analysts said.
The Hong Kong Human Rights and Democracy Act, which was signed into law last month by US President Donald Trump, increases scrutiny of Hong Kong’s economic and political systems, and its passage comes during a time of unprecedented unrest in the city.
Among other mandates, it allows the US State Department to suspend Hong Kong’s special trading status based on whether the city retains a sufficient level of autonomy under the “one country, two systems” principle.
The United States has treated Hong Kong as a separate entity from mainland China since 1992, granting it special economic privileges, such as the free exchange of the US dollar with the Hong Kong dollar, and access to sensitive technologies. Exports from Hong Kong are also exempt from trade war tariffs that have been applied to the mainland by Washington.
Most analysts say there would need to be a massive intervention from China for the US to revoke Hong Kong's status, given the negative impact it would have on the city rather than the mainland. But many agree it now gives the Washington another source of leverage in its escalating competition with Beijing.
“The USA is building up its geopolitical arsenal in its cold war with China,” said David Chin, managing director at consultancy firm Basis Point. “Hong Kong is one of several elements in this cold war arsenal, so Hong Kong could be collateral damage in this regard.”
(Excerpt) Read more at scmp.com ...
Not a fan of the Chicoms, but the city belongs to them. Let them take it.
“Among other mandates, it allows the US State Department to suspend Hong Kong’s special trading status based on whether the city retains a sufficient level of autonomy under the “one country, two systems” principle.”
As I read that, if China forces Hong Kong to assimilate to the mainland China’s government, Hong Kong will just be China. If that happens, I have no problem with the US treating Hong Kong the same way as China is treated.
China tightens it’s grip on SCMP.
... on all media, throughout the world.
Yeah, but there’s a treaty agreement that China’s takeover won’t happen until 2047.
That’s fair.
“As I read that, if China forces Hong Kong to assimilate to the mainland China’s government, Hong Kong will just be China.”
—
I’m not sure that the US would look the other way if the CCP goes massacre-happy in Hong Kong.
“China tightens it’s grip on SCMP.”
—
Yup, the local media doesn’t have much breathing room to tell the truth.
The best regional China/Hong Kong reportage comes via:
https://www.theepochtimes.com
The SCMP had done a good job of walking a tightrope...
Epochtimes- what do they know of China and HK?
“The SCMP had done a good job of walking a tightrope.”
—
There’s no danger of it falling, they can do their business just fine under Communist control. Which is good for them since they have no choice or say in the matter.
The Epoch Times is the largest Chinese language newpaper outside of Communist China. Though run by Chinese owners, it is banned in China as it reports on such things as Chinese govt organ harvesting and because it’s editorial stance is anti-Communist.
Thanks for that info.
Knew they were in HK, but didn’t know of their mainland knowledge.
They’be been reporting for awhile and they’re in several locations in Asia, have satellites in other non-Asian countries.
Some of the people who own/run it are members of Falun Gong, a peaceful, non-violent religion that’s persecuted in China. So, another reason Epoch Times casts a critical eye China’s way.
The businessmen in Singapore are just drooling in anticipation.
The Falun Gong connectiion is a small negstive.
I want unvarnished info.
The Epoch Times was founded by a group of Chinese Americans associated with the Falun Gong spiritual movement, a movement severely persecuted by the Chicoms.
Though the newspaper has been known for general interest topics with a focus on news about China and its human rights issues, it is becoming known for its support of President Donald Trump and favorable coverage of nationalist politicians in Europe.
Few years back when the CHF pegged to the EUR many currency traders started banking on it staying pegged...and got wiped out when the peg got removed. Pegs are dangerous to currency markets.
Thank you both.
This has been very informative for me.
Sure they will. They are doing it now with the Uygurs and in the past with Tiannamen Square.
And so if Hong Kong is assimilated into China, I guess the "sensitive technologies" that the Clintons have not given to China now are in the hands of the Chicoms.
When as a nation are we going to learn?
Hell, we did not learn about Saudi nationals until after 911 learning how to take off but not land, but to top it ALL off, we now train them on our military bases.
This FERAL Government is so broken, nothing but all out CW will fix it. It is over the edge.
“The Falun Gong connectiion is a small negstive.”
—
Doesn’t bother me at all - they get the facts right and report correctly, I’m happy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.