While the drama over a potential split-up of HSBC is still unfolding, what is clear is that geopolitical tensions may raise the stakes on potential financial decoupling down the road. Mixed West-East financial institutions such as HSBC stand at the forefront of the transitions and realignments under way.
Economy
The immediate impact of the Ukraine war on the Chinese economy remains limited except for high commodity prices, assesses economist Alicia García Herrero. But the full impact will depend on the political decisions China makes on the Ukraine war. China seems keen to abide by the letter of the law to comply with Western sanctions on Russia, but not so much in terms of the spirit of the law. By taking risks and helping Russia as much as it is able to, will it get caught in the crossfire between the West and Russia?