USA

Reuters exclusively reports how China is clamping down on HSBC

Reuters exclusively reports how China is clamping down on HSBC

Business & Finance

Reuters reported exclusively on a clampdown of HSBC by many of China’s gargantuan state-owned enterprises, which manage the nation’s largest industrial projects and are responsible for $9.8 trillion of revenue annually. People inside the state enterprises and HSBC told Reuters that Beijing has grown disenchanted with the bank over sensitive domestic and international legal and political issues, from China’s crackdown in Hong Kong to the U.S. indictment of an executive at Chinese national tech champion Huawei Technologies. Reuters identified nine state-owned enterprises that have ended or cut back on their business with HSBC as a result of the bank’s falling out of favor with Beijing. 

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Equities

Regions: AsiaEurope

Countries: ChinaEngland

Win Types: Exclusivity

Story Types: Special Report / Insight

Media Types: Text

Customer Impact: Major Global Story

Categories:
USA
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