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How China’s Rise Has Forced Hong Kong’s Decline (NY Books, 5 min Read) In light of the protests in Hong Kong, an argument is put forward that China’s explosive growth over the past few decades has shifted attention and resources from Hong Kong to mainland China, explaining part of the city’s woes. [Bearish HK, Bullish China]
Huawei Chips Away at US ‘Security’ Ban (Asia Times, 3 min Read) Chinese smartphone giant Huawei shows no sign of slowing down in the months following the Trump ban. They recently signed 65 new commercial deals, nearly half of which are with European customers, in a bid to increase participation in 5G infrastructure projects. [Bullish Huawei]
US Dollar Transfers Cut Back by Chinese Bank as Beijing Steps Up Scrutiny of Capital Outflows (South China Morning Post, 3 min read) Beijing has tightened rules on overseas transfers by individuals in recent years to ensure control of capital outflows. China Merchants Bank announced the entire “Overseas Remittance Programme” will be shut down by the end of the month before reversing its position amidst customer protests. The bank’s public reason was to upgrade the system, but many suspect this to be regulatory pressure influenced by the trade war. [Bullish CNY]