Normal Chartered CEO says Hong Kong is ‘very, very secure’ as a banking middle

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Invoice Winters, chief government officer of Normal Chartered, on the Asian Monetary Discussion board 2020 in Hong Kong.

Kyle Lam | Bloomberg | Getty Photographs

SINGAPORE — Hong Kong’s place as international monetary middle stays “very, very secure” whilst the town is caught up in escalating tensions between the U.S. and China, in accordance with Standard Chartered’s Chief Government Invoice Winters.

“The actual fact is Hong Kong is sitting right here because the gateway to China for capital into China and out of China. That is solely turn into extra clear,” Winters, who’s attending the digital Singapore Summit, advised CNBC’s “Street Signs Asia” on Wednesday.

Beijing earlier this yr enacted a controversial national security law in Hong Kong, a Chinese language territory with extra freedom than mainland cities. The U.S. hit out on the transfer and sanctioned a number of people — including Hong Kong leader Carrie Lam — for undermining the town’s autonomy.

Stanchart, a British financial institution that makes a lot of its earnings in Asia, said in June that it believes the nationwide safety legislation “will help keep the long run financial and social stability of Hong Kong.” Three months in, Winters stated that earlier hope for stability “appears to have been nicely based and is enjoying out.”