Market Overview

Hong Kong Police Enforce New Security Law, China Warns UK Not To Interfere

Share:
Hong Kong Police Enforce New Security Law, China Warns UK Not To Interfere

The Chinese government’s new national security law, which took effect Tuesday, has triggered another rally with thousands of protesters showing defiance in Hong Kong and risking prison to chant slogans of liberation.

What Happened: China says the new security law aims to prevent secession, terrorism, foreign interference and attempts to subvert state power. Beijing is facing international criticism for imposing the new security law on Hong Kong.

UK Makes Citizenship Offer To HK Residents: On Monday, the U.K. offered up to 3 million Hong Kong residents the chance to settle in the U.K. and ultimately apply for citizenship.

U.K. Prime Minister Boris Johnson said Hong Kong's freedoms were being violated by the new security law and those affected would be offered a "route" out of the former U.K. colony, reports the BBC. 

China has warned the U.K. it could retaliate with "corresponding measures."

Australian Prime Minister Scott Morrison suggested his government may follow the U.K. in offering visas to Hong Kong.

The European Parliament has also voted to bring China before the International Court of Justice if its law were to violate Hong Kong citizens’ rights.

The U.S. House of Representatives has also approved a bill that imposes sanctions on Chinese officials and any Hong Kong police units clashing with protesters.

Price Action: A number of ETFs with exposure to Hong Kong made gains Thursday.

The iShares MSCI Hong Kong ETF (NYSEARCA:EWH) closed the regular session up 2.6% at $22.06. 

The Franklin FTSE Hong Kong ETF (NYSEARCA:FLHK) gained 2.92% and ended the session at $23.27. 

The SPDR Solactive Hong Kong ETF (NYSEARCA:ZHOK) traded up 2.65% to $59.06.  

Related Links:

How Hong Kong's New Security Law May Affect Local Investments

China Targets Hong Kong's Autonomy After Pro-Democracy Uprising

 

Related Articles (EWH + FLHK)

View Comments and Join the Discussion!

Posted-In: China Hong KongNews Politics Global Media General Best of Benzinga