Carrie Lam, Hong Kong’s chief executive, has complained of losing her bank account and leaving her home “awash in cash” because of US sanctions.But many netizens wondered why Chinese Banks in Hong Kong didn’t help Mr. Lam.
After Hong Kong implemented the security law, 14 senior officials from Hong Kong and Beijing, including Lam, were subject to U.S. sanctions that include a ban on entry to the U.S. and a freeze on U.S. assets and any transactions involving financial assets that might be related to the U.S.The first reaction of one of Beijing’s top officials in Hong Kong was that he had no assets in the US and no need to go there.
In an interview with Hong Kong TELEVISION HKIBC, Lam complained that the US sanctions had made her life difficult because she could not have a bank account because she did not have one and the government paid her salary in cash. As a result, she used cash to buy things every day. “I have a lot of cash at home.”‘Sitting in front of you is the chief executive of the Hong Kong Special Administrative Region who doesn’t have a bank account,’ she told the station.
According to Hong Kong media, Carrie Lam earns about HK $5.2 million a year and more than HK $400,000 a month, making her one of the highest paid political leaders in the world.
While complaining about “piles of cash” at home, Ms Lam added that she was “very honoured” to have been subjected to “unjust sanctions” by the US.
Agence France-Presse reported that Ms. Lam’s comments came under heavy criticism on social media, with some netizens Posting photos of COINS taken from their own piggy bank to contrast with the cash pile of the chief executive.Other netizens discussed how Lin managed to deliver so much money to his family.
Another question was, there is a problem with international Banks and they cannot open accounts. Are there no Chinese Banks in Hong Kong?Why not help Chief Executive Lam Cheng To provide his services?
SWIFT, which dominates the global bank settlement system for more than 80 per cent of cross-border payments, is considered a cross-border financial system controlled by the US dollar and a powerful tool for us financial sanctions spark global limited around the world, according to the BBC.In addition, the dollar accounts for nearly as much of global trade as the euro, pound and yen combined, and its absolute dominance has also become a powerful tool for the United States to impose financial sanctions around the world.As long as the United States is determined to sanction a country or institution, it can directly cut off the connection between the financial institution and the U.S. dollar cross-border settlement system, CHIPS, so that the financial institution cannot conduct dollar-related transactions.
In other words, when the U.S. announces a sanction against an individual or institution, almost every international bank in the world has to be wary of doing business with the sanctioned person.As a result, all Chinese Banks, large and small, have to prevent their international business from being affected by their dealings with people, companies or institutions sanctioned by the US.That is probably why no Chinese bank has dared to lend a hand to Hong Kong’s chief executive.
article links：Hong Kong chief executive questions Why Chinese Banks
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