China disciplines HSBC
China’s anxiety about the flow of money into its bubbling stock markets prompted the Government to punish 29 international and domestic banks this week, including HSBC and Standard Chartered, for failing to halt speculative capital inflows.
The State Administration of Foreign Exchange (Safe) said that it had disciplined 19 domestic banks and ten foreign lenders for helping speculative foreign capital to enter the stock and property markets disguised as trade or investment.
HSBC will find China less forgiving than the UK and US when it comes to pushing the limits of the law.
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I couldn’t understand some parts of this article, but it sounds interesting