Banks in Hong Kong shut branches after 2 day long protests

A civil disobedience movement launched by Hong Kong based democracy activists, known as Occupy Central has been promising protests for months if Beijing's electoral reform did not adequately adjust the current legislation. They are campaigning for the Chinese government to grant full democratic powers to the former British colony.

Banks in Hong Kong shut after pro-democracy protests


A civil disobedience movement launched by Hong Kong based democracy activists, known as Occupy Central has been promising protests for months if Beijing's electoral reform did not adequately adjust the current legislation. They are campaigning for the Chinese government to grant full democratic powers to the former British colony.


The democracy protesters withstood tear gas and police baton-charges to stand firm in the centre of the global financial hub and government building, one of the biggest political challenges for Beijing since the Tiananmen Square crackdown 25 years ago with many pro-democracy demonstrators sleeping on the street last night.


Bank branches that offer over-the-counter services have been closed, as well as ATMs and cash deposit machines in affected areas. Singapore's biggest bank, DBS, also temporarily shuttered its branch. Standard Chartered and several other banks have suspended some of their operations in central Hong Kong following mass pro-democracy protests.


Fitch Ratings head of Asia-Pacific Sovereigns Andrew Colquhoun said the protests are unlikely to impact Hong Kong's creditworthiness "in the short term; it would be negative if the protests are on a wide enough scale and last long enough to have an effect on the economy or financial stability, but right now we don't see this as very likely," he said.


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