SHANGHAI: China’s largest banks have US$1.1 trillion in dollar funding at stake and face potentially steep fines from US legislation that targets penalising lenders doing businesses with Chinese officials involved in Hong Kong’s controversial security law, according to Bloomberg Intelligence.
The bill is intended to keep the penalties from capturing a broad swath of US companies, an administration official familiar with the discussions said earlier. Chinese lenders have been expanding their presence globally over the past decade by adding branches, making acquisitions and granting loans to fund everything from local power plants to toll roads.
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