Beltway Confidential

HSBC suffers a hard reeducation under the Chinese communist leash

By Tom Rogan

Published June 16, 2020 7:37pm ET

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HSBC suffers a hard reeducation under the Chinese communist leash — FILE -- In a July 30, 2012 file photo people walk past a logo of HSBC headquarters in Hong Kong . HSBC, the British banking giant, will pay $1.9 billion to settle a money-laundering probe by federal and state authorities in the United States, a law enforcement official said Monday Dec. 10, 2012. (AP Photo/Vincent Yu, file) | Vincent Yu

Desperate to retain access to Chinese financial markets, HSBC is kneeling at Beijing’s feet.

Sadly for the British banking giant, it’s learning that the communist leash comes with few treats.

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China Communist Party Finance Hong Kong Huawei Xi Jinping