The sweeping scope of the new national security law to be imposed in Hong Kong will scare away capable people in the financial industry, said an analyst who accurately predicted the depreciation of yuan.

The analyst, who asked to remain anonymous, said he had become more conservative in his predictions in recent years because of the increasing pressure to be politically correct.

He added that the pressure would escalate further when the new law is enacted. He worried that analysts would be forced to fall into line with the Chinese central government’s narratives when making their reports on the Chinese economy and markets.

The wide scope of the law meant an analyst may commit a crime unwittingly, he said.

“We could be prosecuted for just presenting the facts. What is there left to say after the law has been enforced?” he said.

Hong Kong activist David Webb echoed the remarks made by the analyst. Webb, in an interview with Bloomberg, said that the new law would aggravate the current brain drain in Hong Kong as locals were already migrating overseas. It would damage the city’s economy and the situation was worrying, he said.

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