Hong Kong stocks jump as investors shrug off US-China tensions


The president said he would strip several of the city's special privileges and bar some Chinese students from U.S. universities, and he ordered probes into Chinese companies listed on USA financial markets.

That followed the ceremonial Chinese legislature's endorsement of a security law for Hong Kong that pro-democracy advocates say undermines the autonomy promised to the former British colony.

The People's Daily, one of the Chinese Communist Party's primary media outlets, also ran an editorial on Saturday, calling the United States move to end some trading privileges for Hong Kong "doomed to fail" and a "gross interference" in China's internal affairs. Korea's other exports items such as cosmetics and agricultural and marine products are also expected to be hit because of tougher customs clearance in China than Hong Kong.

Meanwhile, the chairman of Commons foreign affairs committee, Tom Tugendhat, said the government must realise that China has a "very, very authoritarian system of government" and should rethink the partnership between the two.

"Freedom loving people around the world must stand with the rule of law and hold to account the Chine Communist Party, which has flagrantly broken its promises to the people of Hong Kong", Ortagus had shared earlier.

Rifkind said London should "take the lead in co-ordinating global concern and action" because of the 1984 agreement Beijing made with Britain promising Hong Kong would keep certain freedoms and autonomy for 50 years after the handover. Hong Kong is the fourth largest export destination of South Korea, which ran the largest trade surplus of $30.13 billion from Hong Kong a year ago, according to data from Korea International Trade Association (KITA) on Sunday.

The real hammer and anvil would be sanctioning Hong Kong and Chinese banks. The application of the principle of "one country, two systems" for Hong Kong when Britain restored it to China in 1997, after almost 150 years of colonial control, seemed like a stroke of genius.

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As a consequential repercussion of the US President Donald Trump alongside his Administration's latest move to strip down the special status of the China-controlled island city of Hong Kong, which had shrugged off its standing as the Asia's No.

"As far as threats that financial institutions will depart Hong Kong - as some have suggested - I think not", Robert Lawrence Kuhn, chairman of the Kuhn Foundation, told Xinhua recently via email.

Security minister John Lee and Justice minister Teresa Cheng didn't hide their anger from reporters Saturday.

"It reflects the Hong Kong capital markets are moving closer to the mainland trend in which technology companies are playing an important role in the market", he said.

U.S. stock futures were muted despite continued protests in cities across the country over police brutality.

"Many of us ... have deep ties to this city and with Hong Kong people".

World stocks hovered near three-month highs and the dollar was flat on Monday as optimism over economies opening up again boosted risk appetite, despite worries over riots in the United States and unease over Washington's standoff with Beijing. Chinese buyers have also canceled an unspecified number of USA pork orders, one of the people said.