China's central bank said on Friday it was cutting the amount of <a href="https://www.wionews.com/world/us-china-trade-war-to-knock-05-points-off-global-growth-french-finance-minister-247859">cash that banks must</a> hold as reserves for the third time this year, releasing $126.35 billion&nbsp;in liquidity to shore up the flagging economy.

Analysts had expected China to announce more policy easing measures soon as the world's second-largest economy comes under growing pressure from escalating US&nbsp;tariffs and sluggish domestic demand.

The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) by 50 basis points (bps) for all banks, with an additional 100 bps cut for qualified city commercial banks. The RRR for large banks will be lowered to 13.0 per cent.

The PBOC has now slashed the ratio seven times since early 2018. The size of the latest move was at the upper end of market expectations, and the number of funds released will be the largest so far in the current easing cycle.

The broad-based cut, which will release 800 billion yuan in liquidity, is effective September&nbsp;16. The additional targeted cut will release 100 billion yuan, in two phases effective October 15 and November 15.

"The move shows policymakers are increasingly worried but it’s far from enough to stabilise the economy," said Larry Hu, head of Greater China economics at Macquarie Group in Hong Kong.

"The key constraint is that everything is slowing down corporates are not willing to invest because of the trade war, a global slowdown, and weak infrastructure and property sector growth."

The latest move to spur bank lending followed a cabinet meeting on September 4 that pledged to implement both broad and targeted cuts in the RRR "in a timely manner".

The PBOC said it will maintain a prudent monetary policy and avoid a flood-like stimulus while increasing counter-cyclical adjustments and maintaining reasonable and abundant liquidity.

Analysts say China's economic growth has likely cooled further this quarter from a near 30-year low of 6.2 per cent in April-June. Morgan Stanley says it is now tracking the lower end of the government's full-year target range of around 6-6.5 per cent. 
&nbsp; 
With Washington imposing new tariffs from September 1 and threatening more measures from October 1 and December 15, some economists have recently cut their China growth estimates for next year to below 6 per cent, which would breach Beijing's longer-term development goal.

The central bank is also widely expected to cut one or more of its key policy interest rates in mid-September for the first time in four years as it works to reduce corporate funding costs.

"I think it's very likely they will cut the LPR (loan prime rate) by about 5-10 bps later this month. I also expect another RRR cut of 50 bps by the end of this year,” Macquarie's Hu said.

Despite a slew of support measures and policy easing since last year, China's economy is still struggling to get back on a firm footing.

July's data showed growth stumbled more sharply than expected as the intensifying trade war with the United States took a heavier toll, and August factory surveys pointed to continued weakness.

Prior to the latest RRR cut, the central bank had pumped out 3.63 trillion yuan in net liquidity through reserve cuts since early 2018, according to Reuters calculations based on PBOC data and analyst estimates.

The PBOC's hefty injections have helped bring down companies' borrowing costs, which had jumped early last year as regulators clamped down on riskier types of financing and debt.

But analysts have cautioned that some companies may be merely refinancing existing debt at better rates, rather than borrowing to fund fresh investments.

Analysts say the problem is not a lack of credit the PBOC has injected generous amounts of liquidity but weakening business and consumer confidence as the trade war drag on. That has weighed on activity from manufacturing and investment to retail sales.

In the latest escalation in the protracted trade dispute, the United States began imposing 15 per cent&nbsp;tariffs on a variety of Chinese goods on September&nbsp;1&nbsp;including footwear, smartwatches, and flat-panel televisions and China began imposing new duties on US crude.

The next high-level trade talks are slated for early October, but a lasting peace seems more elusive than ever.

The government has repeatedly said it will not resort to "flood-like" stimulus as it did in past economic downturns, which left a mountain of debt and sparked fears of property market bubbles.

Instead, Beijing has relied more on fiscal stimuli such as increased infrastructure spending and tax cuts, though the boost has been milder than expected so far.

The cabinet said on Wednesday China will allow local governments to issue special-purpose bonds earlier than normal next year to help steady growth, and specified for the first time that about 20 per cent&nbsp;of all special purpose bonds issued by every province could be used as project capital.

Many local governments are facing increasing fiscal strains as tax cuts and the broader economic slowdown reduce revenues, hampering their ability to implement infrastructure projects.

The OECD has estimated that China's fiscal stimulus was equivalent to 4.25 per cent of gross domestic product (GDP) in 2019, up from 2.94 per cent last year.

China's central bank said on Friday it was cutting the amount of cash that banks must hold as reserves for the third time this year, releasing $126.35 billion in liquidity to shore up the flagging economy.

China's central bank said on Friday it was cutting the amount of cash that banks must hold as reserves for the third time this year, releasing $126.35 billion in liquidity to shore up the flagging economy. Analysts had expected China to announce more policy easing measures soon as the world's second-largest economy comes under growing pressure from escalating US tariffs and sluggish domestic demand. The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) by 50 basis points (bps) for all banks, with an additional 100 bps cut for qualified city commercial banks. The RRR for large banks will be lowered to 13.0 per cent. The PBOC has now slashed the ratio seven times since early 2018. The size of the latest move was at the upper end of market expectations, and the number of funds released will be the largest so far in the current easing cycle. The broad-based cut, which will release 800 billion yuan in liquidity, is effective September 16. The additional targeted cut will release 100 billion yuan, in two phases effective October 15 and November 15. "The move shows policymakers are increasingly worried but it’s far from enough to stabilise the economy," said Larry Hu, head of Greater China economics at Macquarie Group in Hong Kong. "The key constraint is that everything is slowing down corporates are not willing to invest because of the trade war, a global slowdown, and weak infrastructure and property sector growth." The latest move to spur bank lending followed a cabinet meeting on September 4 that pledged to implement both broad and targeted cuts in the RRR "in a timely manner". The PBOC said it will maintain a prudent monetary policy and avoid a flood-like stimulus while increasing counter-cyclical adjustments and maintaining reasonable and abundant liquidity. Analysts say China's economic growth has likely cooled further this quarter from a near 30-year low of 6.2 per cent in April-June. Morgan Stanley says it is now tracking the lower end of the government's full-year target range of around 6-6.5 per cent. With Washington imposing new tariffs from September 1 and threatening more measures from October 1 and December 15, some economists have recently cut their China growth estimates for next year to below 6 per cent, which would breach Beijing's longer-term development goal. The central bank is also widely expected to cut one or more of its key policy interest rates in mid-September for the first time in four years as it works to reduce corporate funding costs. "I think it's very likely they will cut the LPR (loan prime rate) by about 5-10 bps later this month. I also expect another RRR cut of 50 bps by the end of this year,” Macquarie's Hu said. Despite a slew of support measures and policy easing since last year, China's economy is still struggling to get back on a firm footing. July's data showed growth stumbled more sharply than expected as the intensifying trade war with the United States took a heavier toll, and August factory surveys pointed to continued weakness. Prior to the latest RRR cut, the central bank had pumped out 3.63 trillion yuan in net liquidity through reserve cuts since early 2018, according to Reuters calculations based on PBOC data and analyst estimates. The PBOC's hefty injections have helped bring down companies' borrowing costs, which had jumped early last year as regulators clamped down on riskier types of financing and debt. But analysts have cautioned that some companies may be merely refinancing existing debt at better rates, rather than borrowing to fund fresh investments. Analysts say the problem is not a lack of credit the PBOC has injected generous amounts of liquidity but weakening business and consumer confidence as the trade war drag on. That has weighed on activity from manufacturing and investment to retail sales. In the latest escalation in the protracted trade dispute, the United States began imposing 15 per cent tariffs on a variety of Chinese goods on September 1 including footwear, smartwatches, and flat-panel televisions and China began imposing new duties on US crude. The next high-level trade talks are slated for early October, but a lasting peace seems more elusive than ever. The government has repeatedly said it will not resort to "flood-like" stimulus as it did in past economic downturns, which left a mountain of debt and sparked fears of property market bubbles. Instead, Beijing has relied more on fiscal stimuli such as increased infrastructure spending and tax cuts, though the boost has been milder than expected so far. The cabinet said on Wednesday China will allow local governments to issue special-purpose bonds earlier than normal next year to help steady growth, and specified for the first time that about 20 per cent of all special purpose bonds issued by every province could be used as project capital. Many local governments are facing increasing fiscal strains as tax cuts and the broader economic slowdown reduce revenues, hampering their ability to implement infrastructure projects. The OECD has estimated that China's fiscal stimulus was equivalent to 4.25 per cent of gross domestic product (GDP) in 2019, up from 2.94 per cent last year.

China cuts banks' reserve ratios, frees up $126 billion for loans as economy slows

German Chancellor Angela Merkel said on Friday the rights and freedoms of people in Hong Kong "must be guaranteed" after meeting with Chinese Premier Li Keqiang in Beijing.

German Chancellor Angela Merkel said on Friday the rights and freedoms of people in Hong Kong "must be guaranteed" after meeting with Chinese Premier Li Keqiang in Beijing. Hong Kong has been plunged into months of pro-democracy protests, and ahead of her three-day visit to China, this week demonstrators in the semi-autonomous city appealed to the German chancellor to support them in her meetings with China's leadership. Merkel said she had discussed tensions in the former British colony, and civil rights there, with her hosts and had "pointed out that these rights and freedoms must, of course, be guaranteed". "In the current situation everything must be done to avoid violence," Merkel said at a joint press conference with Li, as seen in video footage published by German media. "And the solutions can only be found in a political process meaning through dialogue." Watch Video: Merkel arrived in China on Thursday with a large business delegation in tow. The companies travelling with Merkel include Volkswagen, Allianz, and Deutsche Bank according to the German daily Bild, which carried a headline Friday that read: "Do our companies not care about Hong Kong's freedom?" Chinese officials blamed a lack of space due to a large contingent of journalists accompanying Merkel. In a statement, the German Federation of Journalists criticised the limited access as a "diplomatic farce". "What image do the organisers have of the travelling German press? Did they think that the chancellor of Germany is coming with her courtiers, who politely listen, ask no questions and report meekly?" it said. Merkel also met Chinese President Xi Jinping Friday evening, according to state news agency Xinhua, and the two leaders were scheduled to have dinner together. The German leader is also due to give a speech to university students in the central city of Wuhan on Saturday. Ahead of her trip, prominent Hong Kong democracy activist Joshua Wong and others had recalled in an open letter published by Bild on Wednesday that Merkel grew up in the communist police state of East Germany. "You have the first-hand experience of the terrors of a dictatorial government," the letter read. "We hope that you will express your concern about our catastrophic situation and that you will convey our demands to the Chinese government during your stay in China." Hong Kong has endured dozens of sometimes violent pro-democracy protests triggered by opposition to a now-withdrawn bill that would have allowed extradition to mainland China. In their open letter, the protesters also warned that "Germany should be on its guard before doing business with China, as China does not comply with international law and has repeatedly broken its promises". Many Chinese dissidents have been given refuge in Germany, including artist Ai Weiwei. In May, two former Hong kong independence activists were granted refugee status in Germany in what is one of the first cases of dissenters from the semi-autonomous Chinese city receiving such protection. On a visit to China last year, Merkel met with the wife of a Chinese human rights lawyer charged with state subversion, an extremely rare meeting between a dissident and a visiting head of state. The trip marks her 12th visit to China as chancellor. Xinhua said in a commentary on Friday that Merkel's visit came as "productive cooperation between the world's two major economies is much needed against the backdrop of global uncertainties". The agency said China accounted for the largest share of imports into Germany in 2018 with goods worth 106.2 billion euros ($117.4 billion). In a statement, the German Federation of Journalists criticised the limited access as a "diplomatic farce". "What image do the organisers have of the travelling German press? Did they think that the chancellor of Germany is coming with her courtiers, who politely listen, ask no questions and report meekly?" it said. Merkel also met Chinese President Xi Jinping Friday evening, according to state news agency Xinhua, and the two leaders were scheduled to have dinner together. The German leader is also due to give a speech to university students in the central city of Wuhan on Saturday. Ahead of her trip, prominent Hong Kong democracy activist Joshua Wong and others had recalled in an open letter published by Bild on Wednesday that Merkel grew up in the communist police state of East Germany. "You have the first-hand experience of the terrors of a dictatorial government," the letter read. "We hope that you will express your concern about our catastrophic situation and that you will convey our demands to the Chinese government during your stay in China." Hong Kong has endured dozens of sometimes violent pro-democracy protests triggered by opposition to a now-withdrawn bill that would have allowed extradition to mainland China. In their open letter, the protesters also warned that "Germany should be on its guard before doing business with China, as China does not comply with international law and has repeatedly broken its promises". Many Chinese dissidents have been given refuge in Germany, including artist Ai Weiwei. In May, two former Hong Kong independence activists were granted refugee status in Germany in what is one of the first cases of dissenters from the semi-autonomous Chinese city receiving such protection. On a visit to China last year, Merkel met with the wife of a Chinese human rights lawyer charged with state subversion, an extremely rare meeting between a dissident and a visiting head of state. The trip marks her 12th visit to China as chancellor. Xinhua said in a commentary on Friday that Merkel's visit came as "productive cooperation between the world's two major economies is much needed against the backdrop of global uncertainties". The agency said China accounted for the largest share of imports into Germany in 2018 with goods worth $117.4 billion.

Everything must be done in Hong Kong to avoid violence: Merkel to Chinese premier

How important is Hong Kong to the rest of China?

Shares in Cathay Pacific Airways Ltd fell nearly 4% in early trade on Thursday following the resignation of its chairman after the market closed on the previous day.

The departure of John Slosar was announced less than three weeks after mounting Chinese regulatory scrutiny led to the shock exit of its chief executive, Rupert Hogg.

Cathay shares had closed 7.2% higher on Wednesday as the Hong Kong market was lifted by reports of the withdrawal of a controversial extradition bill, which was officially announced after the market closed.

Long-serving Swire Pacific Ltd executive Patrick Healy was appointed as Cathay's new chairman on Wednesday following the resignation of Slosar, who had served in the role since 2014.

"As John would have retired soon anyway it's not really a huge setback as a business," an analyst said of Slosar's departure. "However it's always awful to see when politics dictate like this."

The analyst, who was not authorised to speak publicly about personnel changes, said he believed if the political situation in Hong Kong stabilised, the situation at Cathay should as well.

Daiwa Capital Markets analyst Kelvin Lau said the extradition bill's withdrawal was positive for Cathay, even though protests were not expected to end immediately.

"We expect this to be a turning point where the situation would at least not worsen," he said in a note to clients, adding that recent personnel changes at the airline should satisfy the requirements of the Chinese regulator and were likely to instil confidence among customers.

China's aviation regulator last month said crew who engaged in the anti-government protests in Hong Kong posed a threat to the safety and should be suspended from staffing flights to the mainland and over its airspace.

Shares in Cathay Pacific Airways Ltd fell nearly 4% in early trade on Thursday following the resignation of its chairman after the market closed on the previous day.

Shares in Cathay Pacific Airways Ltd fell nearly 4% in early trade on Thursday following the resignation of its chairman after the market closed on the previous day. The departure of John Slosar was announced less than three weeks after mounting Chinese regulatory scrutiny led to the shock exit of its chief executive, Rupert Hogg. Cathay shares had closed 7.2% higher on Wednesday as the Hong Kong market was lifted by reports of the withdrawal of a controversial extradition bill, which was officially announced after the market closed. Long-serving Swire Pacific Ltd executive Patrick Healy was appointed as Cathay's new chairman on Wednesday following the resignation of Slosar, who had served in the role since 2014. "As John would have retired soon anyway it's not really a huge setback as a business," an analyst said of Slosar's departure. "However it's always awful to see when politics dictate like this." The analyst, who was not authorised to speak publicly about personnel changes, said he believed if the political situation in Hong Kong stabilised, the situation at Cathay should as well. Daiwa Capital Markets analyst Kelvin Lau said the extradition bill's withdrawal was positive for Cathay, even though protests were not expected to end immediately. "We expect this to be a turning point where the situation would at least not worsen," he said in a note to clients, adding that recent personnel changes at the airline should satisfy the requirements of the Chinese regulator and were likely to instil confidence among customers. China's aviation regulator last month said crew who engaged in the anti-government protests in Hong Kong posed a threat to the safety and should be suspended from staffing flights to the mainland and over its airspace.

Cathay shares fall nearly 4% after chairman resigns

Protesters were expected to gather in downtown Hong Kong on Saturday in the latest of a series of anti-government demonstrations that have plunged the Chinese-ruled city into its worst political crisis in decades.

Police blocked plans for a mass show of force marking the fifth anniversary of a decision by China to curtail democratic reforms in the former British colony, which returned to China in 1997.

The Civil Human Rights Front, the organiser of previous mass protests, cancelled Saturday's demonstration after being denied permission, but not having a permit has not stopped people demonstrating in the past.

"Although organisers said they will cancel the event, we anticipate people will come out," a senior police official with experience as a commander on the ground during recent confrontations told a press briefing.

"If they come out we will see how they act. If they do it in a peaceful manner, police will exercise proportionate action to prevent major confrontation. If they still use violence, police have to take proportional action to stop the violence."

The MTR subway said one station on the western approach to the protest site would suspend operations in the afternoon because of likely "public activities" and that further action was possible.

Hong Kong police arrested a number of prominent pro-democracy activists on Friday, seeking to rein in a movement which started with anger over planned legislation allowing extraditions to mainland China and broadened into calls for democracy.

Joshua Wong, who was one of the leaders of the pro-democracy "Umbrella" movement five years ago, is the most prominent activist to be arrested since protests escalated in mid-June over fears China is squeezing Hong Kong's freedoms.

He was charged with inciting and participating in an unauthorised assembly outside police headquarters on June 21.

The bespectacled Wong, who was 17 when he became the face of the student-led civil disobedience movement in 2014 that blocked major roads for 79 days, has not been a prominent figure in the latest protests, which have no identifiable leaders.

China denies the charge of meddling in Hong Kong, which it says is an internal affair. It has denounced the protests and warned of the damage to the economy.

Beijing has also accused foreign powers, particularly the United States and Britain, of fomenting the demonstrations and warned against foreign interference.

UN human rights spokeswoman Ravina Shamdasani urged that protests are peaceful and that Hong Kong ensures the right to peaceful assembly.

"We appeal for restraint on all sides," she said in Geneva.

There have been frequent clashes between protesters and police, who have often fired tear gas and rubber bullets to disperse crowds, amid accusations of excessive force.

"A lot of people from the outside think it is the police who escalates (the violence) first," the police officer said. "This is not true."

With protesters and authorities locked in an impasse and Hong Kong facing its first recession in a decade, speculation has grown that the city government may impose emergency laws, giving it extra powers over detentions, censorship and curfews.

Protesters were expected to gather in downtown Hong Kong on Saturday in the latest of a series of anti-government demonstrations that have plunged the Chinese-ruled city into its worst political crisis in decades.

Protesters were expected to gather in downtown Hong Kong on Saturday in the latest of a series of anti-government demonstrations that have plunged the Chinese-ruled city into its worst political crisis in decades. Police blocked plans for a mass show of force marking the fifth anniversary of a decision by China to curtail democratic reforms in the former British colony, which returned to China in 1997. The Civil Human Rights Front, the organiser of previous mass protests, cancelled Saturday's demonstration after being denied permission, but not having a permit has not stopped people demonstrating in the past. "Although organisers said they will cancel the event, we anticipate people will come out," a senior police official with experience as a commander on the ground during recent confrontations told a press briefing. "If they come out we will see how they act. If they do it in a peaceful manner, police will exercise proportionate action to prevent major confrontation. If they still use violence, police have to take proportional action to stop the violence." The MTR subway said one station on the western approach to the protest site would suspend operations in the afternoon because of likely "public activities" and that further action was possible. Hong Kong police arrested a number of prominent pro-democracy activists on Friday, seeking to rein in a movement which started with anger over planned legislation allowing extraditions to mainland China and broadened into calls for democracy. Joshua Wong, who was one of the leaders of the pro-democracy "Umbrella" movement five years ago, is the most prominent activist to be arrested since protests escalated in mid-June over fears China is squeezing Hong Kong's freedoms. He was charged with inciting and participating in an unauthorised assembly outside police headquarters on June 21. The bespectacled Wong, who was 17 when he became the face of the student-led civil disobedience movement in 2014 that blocked major roads for 79 days, has not been a prominent figure in the latest protests, which have no identifiable leaders. China denies the charge of meddling in Hong Kong, which it says is an internal affair. It has denounced the protests and warned of the damage to the economy. Beijing has also accused foreign powers, particularly the United States and Britain, of fomenting the demonstrations and warned against foreign interference. UN human rights spokeswoman Ravina Shamdasani urged that protests are peaceful and that Hong Kong ensures the right to peaceful assembly. "We appeal for restraint on all sides," she said in Geneva. There have been frequent clashes between protesters and police, who have often fired tear gas and rubber bullets to disperse crowds, amid accusations of excessive force. "A lot of people from the outside think it is the police who escalates (the violence) first," the police officer said. "This is not true." With protesters and authorities locked in an impasse and Hong Kong facing its first recession in a decade, speculation has grown that the city government may impose emergency laws, giving it extra powers over detentions, censorship and curfews.

Hong Kong protesters expected to regroup despite police ban

Hong Kong democracy activists kicked off a weekend of fresh rallies on Saturday in a major test for the movement following criticism over an airport protest earlier this week and as concerns mount over Beijing's next move.

Hong Kong democracy activists kicked off a weekend of fresh rallies on Saturday in a major test for the movement following criticism over an airport protest earlier this week and as concerns mount over Beijing's next move. The new marches came as thousands of pro-government supporters many waving Chinese flags gathered in a park to condemn their opponents and support the police, a stark illustration of the polarisation now coursing through the city. Ten weeks of demonstrations have plunged the international finance hub into crisis, with communist-ruled mainland China taking an increasingly hardline tone, including labelling the more violent protester actions "terrorist-like". Democracy activists are billing the weekend rallies as a way to show Beijing and the city's unelected leaders that their movement still enjoys broad public support, despite increasingly violent tactics deployed by a minority of hardcore protesters that have cast a shadow. On Tuesday, protesters blocked passengers from boarding flights at the city's airport and later assaulted two men they accused of being Chinese spies. The images damaged a movement that until then had largely only targeted the police or government institutions, and prompted some soul-searching among protesters. China's propaganda apparatus seized on the violence, with state media churning out a deluge of damning articles, pictures, and videos. State media also ran images of military personnel and armoured personnel carriers across the border in Shenzhen, prompting the United States to warn Beijing against sending in troops, which analysts say would be a reputational and economic disaster for China. Rival rallies Saturday's rallies began with thousands of teachers marching through torrential rain in support of the largely youth-led protests. In the afternoon thousands also marched through Hung Hom and To Kwa Wan, two harbourside districts popular with mainland tourists. Some protesters targeted the local offices of the staunchly pro-Beijing Federation of Trade Unions, pelting it with eggs and spraying graffiti. "The government has yet to respond to a single demand and has escalated force through the police to suppress the people's voices," a 25-year-old protester, who gave his first name Mars, told AFP. "If we don't come out, our future, our next generation will face even more suppression," he added. But across the harbour at the pro-Beijing rally, where a giant screen showed recent clashes with police, 60-year-old retiree Irene Man had a very different take as she rounded on democracy protesters. "Their acts are not human, they have all become monsters. They are rioters, with no reason, no thinking," she said. The biggest pro-democracy rally is expected to take place on Sunday on the main island. Billed as a "rational, non-violent" protest, it is being organised by the Civil Human Rights Front, a group that eschews confrontations with police and was the driving force behind record-breaking rallies in June and July that saw hundreds of thousands of people hit the streets. Businesses under pressure The protests were sparked by opposition to a plan to allow extraditions to the mainland, but have since morphed into a wider call for democratic rights in the semi-autonomous city. Millions of people have hit the streets while clashes have broken out between police and small groups of hardcore protesters. Battles between police firing tear gas and rubber bullets and hardcore protesters using rocks, Molotov cocktails and slingshots have since become routine in an international finance hub once renowned for stability. Beyond suspending the extradition bill, Beijing and city leader Carrie Lam have shown no desire to meet key demands such as an inquiry into police violence, the complete withdrawal of the bill and an amnesty. But protesters remain unbowed, despite the arrests of more than 700 people and 11 consecutive weekends of rallies that have won few concessions. Beijing has turned the screws on Hong Kong's businesses, pressuring them to toe the line and condemn the protesters. On Friday, Cathay Pacific announced the shock resignation of CEO Rupert Hogg after the carrier was excoriated by Beijing because some staff supported the pro-democracy protests. On Saturday, the "Big Four" accountancy firms scrambled to distance themselves from an advert placed in a newspaper purportedly by employees saying they supported the protests. Deloitte and PwC posted statements on their websites saying the ad does not represent their positions and expressing opposition to violent or illegal behaviour. In statements quoted by Chinese state news agency Xinhua, KPMG and EY also expressed opposition to violence and illegal acts.

Thousands take to streets with rival rallies as Hong Kong's divisions deepen

Tourists in Hong Kong said on Tuesday (August 13) night they were ''scared'' during demonstrations in the city and were unsure of when they will be able to get back home as flights were disrupted for a second day.

Hong Kong: Tourists ''scared'' as flights disrupted for second day running

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