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Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

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Share Price: 705.50
Bid: 707.20
Ask: 707.30
Change: 0.50 (0.07%)
Spread: 0.10 (0.014%)
Open: 706.50
High: 714.40
Low: 705.00
Prev. Close: 705.00
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U.S. House passes legislation taking hard line on China over Hong Kong, Huawei

Wed, 16th Oct 2019 00:19

By Patricia Zengerle

WASHINGTON, Oct 15 (Reuters) - The U.S. House of
Representatives on Tuesday passed four pieces of legislation
taking a hard line on China, three related to pro-democracy
protests in Hong Kong and one commending Canada's government in
a dispute over the extradition of an executive from Huawei
Technologies.

All four measures passed by unanimous voice vote, as members
of Congress - Democrats and Republicans - said they wanted to
take an aggressive stance on China and show support for Hong
Kong following four months of unrest in the city.

The measures come despite delicate U.S.-China trade talks.

One of the measures, the Hong Kong Human Rights and
Democracy Act, would require the U.S. secretary of state to
certify every year that Hong Kong was retaining its autonomy in
order to keep receiving the special treatment that has allowed
it to be a major financial center.

A second, the Protect Hong Kong Act, would bar commercial
exports of military and crowd control items that Hong Kong
policy could use against demonstrators.

The Senate has not yet scheduled votes on the legislation,
which would send the measures to the White House for Trump to
sign into law - or veto. However, a Foreign Relations Committee
aide said votes on Hong Kong-related measures were expected in
the chamber in the coming weeks.

The third measure passed by the House is a non-binding
resolution recognizing Hong Kong's relationship to the United
States, condemning Beijing's "interference" in its affairs, and
supporting the right of the city's residents to protest.

The fourth was another non-binding House resolution
commending Canada for its actions related to a U.S. request to
extradite Huawei's chief financial officer, Meng Wanzhou, who
was arrested in Canada in December.

Meng is charged in the United States with bank fraud and is
accused of misleading HSBC Holdings Plc about Huawei's
business in Iran, which is under U.S. sanctions. Meng has said
she is innocent and is fighting extradition.

The United States has accused Huawei of stealing American
intellectual property and violating Iran sanctions. Many
Republican and Democratic members of Congress say they view the
company as a security threat.

Hong Kong has been rocked by massive marches and at times
violent protests involving teargas, petrol bombs and live
rounds, over concerns Beijing is tightening its grip on the city
and eroding democratic rights.

Beijing rejects the charge and accuses Western countries,
like the United States and Britain, of stirring up trouble.

The unrest poses the biggest popular challenge to Chinese
President Xi Jinping since he came to power in 2012. He has
warned that any attempt to divide China would be crushed.
(Reporting by Patricia Zengerle
Editing by Tom Brown)

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