China's grip on Hong Kong eroding its status as financial hub, investors believe

Money has already started leaving Hong Kong, with US$5bn quitting the territory last year, according to Bank of England figures

The Chinese government's increasingly tight grip on Hong Kong is undermining the former British colony's position as a regional financial hub, analysts and investors say.

In its latest move to clamp down on Hong Kong, which has been a centre of resistance against the ruling Chinese Communist party, the mainland government last month introduced a sweeping national security law that criminalises protest and dissent.