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HSBC and Standard Chartered fear being frozen out of the dollar

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Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member

I'm glad de-dollarization is on peoples minds.

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HSBC and Standard Chartered are bracing for a renewed US sanctions assault on China, amid official concern that escalating diplomatic tensions threaten collateral damage in the City.

They are working on contingency plans for a worst-case scenario in which the political and trade disputes between Washington and Beijing trigger restrictions on banks serving Chinese companies and individuals, known as secondary sanctions.

Sources close to the discussions told The Sunday Telegraph that HSBC and Standard Chartered were exploring how they might cope with potentially extreme measures from Donald Trump, including being effectively cut off from the US financial system. Specialist lawyers and regulatory experts said the banks needed to consider how they could operate without using the dollar.

Executives and City authorities are said to believe there is a small chance of such a development. Any threat to the stability of HSBC, Europe’s largest bank, is taken seriously, however, as the US faces an unpredictable presidential election campaign.

The Trump administration introduced sanctions on 11 Chinese officials last month for “restricting the freedom of expression or assembly of the citizens of Hong Kong”, following the introduction of a controversial security law in the former British colony.

HSBC and Standard Chartered executives publicly backed Beijing over the new restrictions.

Mike Pompeo, US secretary of state, then launched a public attack on HSBC, accusing the bank of supporting the sanctioned leaders. He claimed Chinese officials had bullied it into “shutting accounts for those seeking freedom”. Watch his latest comments on China, made during a press conference with Foreign Secretary Dominic Raab earlier this week, in the video below.

The banks’ contingency plans have emerged as popular Chinese app TikTok is banned from US app stores. On Friday, the US government accused TikTok and the messaging app WeChat of being “active participants in China’s civil-military fusion”.

Mark Tucker, HSBC chairman, and Noel Quinn, chief executive, have avoided public comments on the deepening crisis, but Standard Chartered chief executive Bill Winters last week admitted that the rising tensions were “troubling” and a “tremendous preoccupation for us”.
He added: “Hong Kong as a global financial centre feels very, very safe to me. Now, could that change with escalating tensions or sanctions? Yes, of course it could. But Standard Chartered is prepared for that.”

HSBC and Standard Chartered declined to comment this weekend.

Banks that have acted as a financial bridge between East and West are now caught threatened on both sides.

Mr Tucker has privately warned the UK Government about the pressure HSBC faces in China, which accounts for most of its revenues and profits.

He suggested the ban on Huawei 5G mobile equipment in the UK could prompt reprisals.

Some money managers intend to make their own preparations for US action against China.

Mark Sheppard, who runs Manchester & London Capital Management, said his firm had sold its New York-listed shares in Alibaba in favour of Hong Kong-traded stock “because there’s been a lot of talk about enforced de-listing of Chinese shares in the USA” and concerns investments could be trapped.


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OffMyBack

New member
The world will still turn without the USD. I guess if the USA pushes too hard , the rest of the world will back the Euro and whatever else is out there. USA shooting themselves in the foot- mind you they do like to shoot.... and figure things out later

Its just like the dogs bullocks that every usd goes through central clearing, which means the treasury in usa got in effect everyones bank statement readily availableo_O
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Sadly USD is like 80% of global currency. I do hope HSBC get cut off from the dollar as it will make them stronger in the long rung if they completely pivot to Asia smi(&%. However this is highly unlikely ever to happen as it would not only upset financial markets which are entwined, but also because you can only play that cutoff card once before others watching on preemptively abandon the dollar. If people are forced to find an alternative to the dollar to ensure stability they will do which would not benefit the US in the long run.
 

VESTANON

BTC-FIAT ANGEL/CASHIER
Mentor Group Gold
The USD would be sure to take losses, having the likes of the Top brass from HSBC and StandardChatered rattled, awhole lot has to be brewing,

Im wondering about the next Currency to step up in place of the USD, when it losses a few points...i do know the £ € aint going any place soon...

Big players in the UK Capital already ditching shares, says alot on what ahead...HongKong Could capitalize on the current scenario in more ways than one..cig-:,
awesome update @Martin Everson thu&¤#
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
The crazy part is there is a madman in office in US who acts like a mob boss and has no problem in shaking down countries and companies to get his way. Look what it did to Tik Tok and Turkey. Imagine a private company being forced to sell there business to the president friend...cough cough or face a ban ca#"!. That's what the mafia boss does right? Who would want to do business in such a country with the practices of a 80's South American country...lol. Next thing he tells HSBC to sell US operations to BOA or something.

More worrying is the anti-china sentiment being whipped up by US. HSBC knows anything is possible with Trump as his hatred for China as its nearest competitor is real. I am sure HSBC and SC will end up being blackmailed and forced to choose China spear or US spear of influence. The US does not have to ban HSBC from the dollar but can make their dollar clearing and reporting unworkable.

Which currency will replace it is a good question.

P.S If Trump wins the next election...short Germany asap. They are next in crosshair.
 

VESTANON

BTC-FIAT ANGEL/CASHIER
Mentor Group Gold
The crazy part is there is a madman in office in US who acts like a mob boss and has no problem in shaking down countries and companies to get his way. Look what it did to Tik Tok and Turkey. Imagine a private company being forced to sell there business to the president friend...cough cough or face a ban ca#"!. That's what the mafia boss does right? Who would want to do business in such a country with the practices of a 80's South American country...lol. Next thing he tells HSBC to sell US operations to BOA or something.

More worrying is the anti-china sentiment being whipped up by US. HSBC knows anything is possible with Trump as his hatred for China as its nearest competitor is real. I am sure HSBC and SC will end up being blackmailed and forced to choose China spear or US spear of influence. The US does not have to ban HSBC from the dollar but can make their dollar clearing and reporting unworkable.

Which currency will replace it is a good question.

P.S If Trump wins the next election...short Germany asap. They are next in crosshair.


Hahahsmi(&%:) The Germans Had It Coming...Mob Boss tactics
 

hernanday

New member
The crazy part is there is a madman in office in US who acts like a mob boss and has no problem in shaking down countries and companies to get his way. Look what it did to Tik Tok and Turkey. Imagine a private company being forced to sell there business to the president friend...cough cough or face a ban ca#"!. That's what the mafia boss does right? Who would want to do business in such a country with the practices of a 80's South American country...lol. Next thing he tells HSBC to sell US operations to BOA or something.

More worrying is the anti-china sentiment being whipped up by US. HSBC knows anything is possible with Trump as his hatred for China as its nearest competitor is real. I am sure HSBC and SC will end up being blackmailed and forced to choose China spear or US spear of influence. The US does not have to ban HSBC from the dollar but can make their dollar clearing and reporting unworkable.

Which currency will replace it is a good question.

P.S If Trump wins the next election...short Germany asap. They are next in crosshair.
Yeah but some people thought he was a business man. The people who voted for Trump are getting what they deserved, he screwed everyone who ever helped him in his life.
 
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