By assets, HSBC is the world’s sixth-largest bank, proudly claiming 40 million customers in 64 countries and territories.

But HSBC has a big red problem. The bank must balance international business with the retained favor of a Chinese regime that has no regard for international norms. And from Communist China’s perspective, only HSBC’s absolute loyalty is enough to deserve its gratitude. This catches the British-headquartered financial giant between the rock of its global presence and the hard reality of Xi Jinping’s rule. For HSBC in particular, it’s no small concern. As the Financial Times notes, Hong Kong accounts for more than half of HSBC’s annual profits. Take away its Hong Kong presence, and the bank faces catastrophe.