Yam Chi-kwong says US sanctions don't hurt finance

Business | 29 Jul 2020 3:01 pm

The former chief executive of Hong Kong Monetary Authority Joseph Yam Chi-kwong, said the United States has weaponized finance, but sanctions will not harm the local financial system unless the US dollar use is banned in Hong Kong.

He made the remarks at an Insight Forum of Our Hong Kong Foundation.

The United States passed the Hong Kong Autonomy Act  and has canceled preferential treatment.

Yam says the United States had not granted special treatment to Hong Kong in finance.

Under the Hong Kong Autonomy Act, some people or companies may be prohibited from investing in the United States. While that will affect the people or the companies involved, it will not affect Hong Kong's financial system, Yam said.

As for Hong Kong's status as an international financial center, Yam said Hong Kong is still the largest and most effective offshore yuan settlement center, and mainland and international companies choose to list in the city.



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