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I guess I don't understand why a bank in London would choose to comply with Chinese law when there is obviously business to be had.

They have usually a business in China too - and want to keep it.

For the same reason BNP Paribas paid the record 9 bil USD fine to US, even though it is a French bank.

China exerts influence on Hollywood even though its not in their jurisdiction, they control access to the Chinese moviegoer.