Reuters has reported that the US Senate has approved the Hong Kong human rights bill and is sending it to the House of Representatives.

The U.S. Senate, in a unanimous vote, passed legislation on Tuesday aimed at protecting human rights in Hong Kong amid China's crackdown on a pro-democracy protest movement in that vital financial center,

the article reads, adding:

With the voice vote by senators, the "Hong Kong Human Rights and Democracy Act" now goes to the House of Representatives, which earlier approved its own version of the measure. The two chambers will have to work out the differences before any legislation can be sent to President Donald Trump for his consideration.

Update:

  • Senate passes a bill banning the export of certain munitions to Hong Kong police force – RTRS
  • Hong Kong government: The US bill is both unnecessary and ungrounded.
  • HK government express regret over the US senate passage of the Hong Kong bill.
  • HK government: Foreign parliament should not be interfering with internal affairs.
  • HK government: Will continue to implement the one country systems.
  • HK government: US Senate bill will have a negative impact on US interests.

FX implications:

With the market's focus set on trade wars, Hong Kong is a major theme and the Yen will likely prevail on uncertainties and escalation of trade wars between China and the US. With the US seen in support of the protesters, China will not take kindly to it, likely antagonising already delegate and fragile relations.