Economic Impact of Proposed New Security Law in Hong Kong

from Boom Bust

The economic repercussions for one of Asia’s financial hubs are being felt as thousands of demonstrators took to the streets of Hong Kong to protest China’s newly proposed national security legislation for the city. Hong Kong’s finance chief has argued that the legislation will help improve the business environment rather than harm it. The prospect of mass protests similar to what was seen in 2019 sent Hong Kong’s Hang Seng index into turmoil. Meanwhile, South America has emerged as a new hot spot for the COVID-19 outbreak as Brazil has the second-highest number of infections on earth. The Trump administration announced that the US will ban entry of non-citizens traveling from Brazil. And as traditional currencies are facing fluctuation amid the pandemic, there is also news about how fintech is faring as well as the state of digital currencies like Bitcoin.

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