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Money market

HSBC and Standard Chartered back Hong Kong security law

UK-based banks follow moves by major businesses in the city

HONG KONG -- The two British lenders that dominate Hong Kong banking have come out in support of Beijing's national security law for the city despite opposition from the U.K. government, highlighting the pressure on businesses to choose sides over the contentious legislation.

HSBC Holdings and Standard Chartered on Wednesday in carefully worded statements endorsed the proposed law, which opponents say will end the "one country, two systems" framework that governs the territory and eventually end the city's role as a global financial center.

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