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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.

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 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.

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.

Hong Kong Exchanges and Clearing has launched the first clearing service using an alternative to the Hong Kong Interbank Offered Rate, or HIBOR, reflecting local regulatory efforts to nudge banks away from the old reference rate regime.

In a bid to appeal to a younger generation by removing perceived obstacles, Hang Seng Bank has debuted SimplyFund, an in-app service that offers curated mutual fund choices to beginning investors, the Hong Kong-based bank said Tuesday.

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.

HSBC on Friday reportedly sought to squash rumors from Chinese news outlets that the London-based bank plans to pull out of China as part of a recently reinstated global restructuring that will see it shed 35,000 jobs, even as the lender has recently taken heat in the West for its support of Beijing’s new national security law curtailing civil liberties for Hong Kong residents.

Standard Chartered will issue $1 billion in securities next Friday on the Hong Kong stock exchange, the British bank revealed on Thursday, signaling its commitment to the Hong Kong market even after it has faced criticism for supporting a controversial Chinese law.

HSBC has been forced to pick a side — facing pressure from China to support its controversial security law and spurned by the West for doing so — and the bank appears to have chosen to protect its profit against the backdrop of an ongoing strategic overhaul that hinges on a “pivot to Asia.”

HSBC continues to face backlash for supporting China’s move to tighten its grip on Hong Kong, drawing criticism Tuesday from U.S. Secretary of State Mike Pompeo and Aviva Investors, one of the bank’s top shareholders.

As Beijing looks to strengthen its hold on Hong Kong with a new security law, a growing number of multinational financial firms are considering scaling down their operations in the semi-autonomous territory, while others, including HSBC, have publicly backed the contentious legislation.