The transfer of the sovereignty of Hong Kong from the United Kingdom to the People’s Republic of China in 1997 marked the end of the British Empire in the Far East after a 150 years of colonial rule. HSBC had a decision to make: would it proceed as a British bank, or embrace its position in China? As a result, HSBC became the first foreign bank to establish itself in China – but as a bastion of capitalism within the walls of communist rule.
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