Banks in Hong Kong nervously eye US sanctions

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Banks in Hong Kong are urgently auditing their clients to identify who could be impacted by new US sanctions. Hong Kong’s national security law makes it illegal to comply with US sanctions, so some businesses could face the tough choice of doing business with either China or the United States. Meanwhile, TikTok pulls out of Hong Kong on a matter of principle over freedom of speech concerns, as part of a broader effort by the company to distance itself from its Chinese roots.

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