Global banks and other financial institutions that serve people considered responsible for China’s crackdown on civil liberties in Hong Kong will soon face sanctions, the U.S. State Department said Wednesday.

HSBC was not involved in arranging a recent $6 billion Chinese government dollar bond sale, an unusual move for the U.K.-based financial institution, which has long had strong ties with the country, Bloomberg reported Tuesday.

Ping An Group, the top shareholder of HSBC, has lifted its stake in the bank to 8% as the U.K. lender continues its pivot to China, a strategy which has drawn scrutiny from Western politicians amid rising political tensions.

Bank of America has wooed Zhang Wenjie, a former HSBC mainland China executive, to join as a managing director and president of China, the South China Morning Post reported Monday, a departure that comes as HSBC has made the country the cornerstone of its growth strategy.

U.S. Secretary of State Mike Pompeo blasted HSBC for allegedly blocking bank accounts tied to the pro-democracy movement in Hong Kong, again accusing the bank of becoming a political tool used by China to carry out its “coercive bullying tactics” against the U.K.

Hong Kong’s financial sector is seeing a rebound driven by a surge in fund inflows and initial public offerings, even as the city struggles to shake off the pandemic and controversy surrounding a new China-imposed security law.

Taiwan plans to continue opening up its economy with the intent of becoming an Asian financial hub, President Tsai Ing-wen said Wednesday, as Hong Kong’s future as a global financial center hangs in the balance because of increased pressure from mainland China.

HSBC plans to hire as many as 3,000 wealth planners in mainland China, as the bank sharpens its focus on managing high value Asian accounts, despite rising global human rights concerns over China’s treatment of Hong Kong.

HSBC leadership said Monday that uncertainty surrounding the coronavirus, Brexit negotiations, and trade tensions between the U.S. and China are setting the scene for an unpredictable second half of the year following a shaky second quarter in which profits sharply declined.

HSBC has refuted claims published in Chinese state-run media that the bank set up telecom giant Huawei, which is facing a U.S. Department of Justice probe, as the lender finds itself again caught between China and the West amid rising tensions.

HSBC has elevated a longtime regulatory veteran at the bank to chief compliance officer for U.S. operations, a key role as the federal government threatens to sanction banks seen as helping China crack down on personal freedoms in Hong Kong.

Hong Kong’s capital markets regulator said Sunday that it doesn’t expect China’s new national security law to impact how financial institutions do business in the city, even as reports emerge that banks are increasing scrutiny of clients in response to the statute.

Standard Chartered is deepening its ties to China with plans to invest HKD 310 million ($40 million) to set up a new center in Guangzhou, as Beijing aims to transform the coastal Greater Bay Area region into an international financial hub.

President Donald Trump signed legislation on Tuesday that allows him to sanction banks, businesses and officials involved in helping China impose a controversial new security law on Hong Kong.

HSBC said Thursday that a digital version of the Chinese yuan, which it suspects will launch soon, could improve China’s payment systems and put the nation at the forefront of digital currency development.

Chinese new bank lending soared to a record CNY 12.09 trillion ($1.72 trillion) in the first half of 2020 as China sought to recover from pandemic-related shutdowns, according to data released Friday by the country’s central bank.

HSBC is further expanding its Chinese footprint by creating a new fintech company and hiring a group of personal wealth advisers, a bank spokesperson told Fastinform on Monday.

The U.S. Senate unanimously passed legislation Thursday to impose sanctions on banks that do business with Chinese officials implementing Beijing’s new security law, which is viewed by many Western lawmakers as a violation of Hong Kong’s promised autonomy.

Asset manager Federated Hermes is the latest investor to denounce HSBC for its support of China’s controversial security law for Hong Kong, which many view as a threat to civil liberties in the city.

A bill that would punish groups, entities or banks for subverting the autonomy of Hong Kong unanimously passed the U.S. Senate on Thursday, in a response to China’s controversial national security law that critics say undermines the city’s partial independence.