Standard Chartered CEO says Hong Kong is ‘very, very safe’ as a banking center

Standard Chartered CEO says Hong Kong is 'very, very safe' as a banking center

Bill Winters, chief govt officer of Standard Chartered, on the Asian Financial Forum 2020 in Hong Kong.

Kyle Lam | Bloomberg | Getty Images

SINGAPORE — Hong Kong’s place as international monetary center stays “very, very safe” even as town is caught up in escalating tensions between the U.S. and China, in line with Standard Chartered’s Chief Executive Bill Winters.

“The fact is Hong Kong is sitting here as the gateway to China for capital into China and out of China. That’s only become more clear,” Winters, who’s attending the digital Singapore Summit, advised CNBC’s “Street Signs Asia” on Wednesday.

Beijing earlier this 12 months enacted a controversial national security law in Hong Kong, a Chinese 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 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 “can help maintain the long term economic and social stability of Hong Kong.” Three months in, Winters stated that earlier hope for stability “seems to have been well founded and is playing out.”  

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