Hong Kong stocks dropping – 1.5%
Asian markets dropped on Thursday morning trading, with Hong Kong stocks dropping by more than 1.5% following news that both chambers of Congress passed a pro-Hong Kong bill of rights.
The Hang Seng Index last closed at 26,450 p.m. ET (02:30 GMT) at 10:30 p.m. Tensions rose in the city after two bills were passed in Hong Kong by the U.S. chamber to protect human rights.
One of the bills is the S. 1838, which would require annual reviews of Hong Kong’s special trade status under U.S. law and sanction officials deemed responsible for human rights abuses and undermining the city’s autonomy.
Another Senate bill, S. 2710, was also passed to ban the export of crowd-control items such as tear gas and rubber bullets to Hong Kong police.
Senate Foreign Affairs Committee Chairman Jim Risch called it “an important step forward in keeping the Communist Party responsible”
In a statement following the vote in the House. Sen. Marco Rubio, a Republican from Florida who advocated for the passage of the bipartisan measure, said he encouraged President Donald Trump to “sign this vital bill as soon as possible into law.”