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US imposes sanctions on Carrie Lam & 10 others

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  1. #31

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    Quote Originally Posted by shri:
    I have serious doubts about any US bank or just any bank or firm that has dealings with the American financial system, will be convinced by the HKMA's assurance. Do they really want to run the risk of being sanctioned by the US? Like it or not, its brute economic coercive power that matters here, and on that count, America is still no.1.
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  2. #32

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    This will only hurt US companies. Apparently it is against national security in hk for banks to cooperate with the sanctions, and the US has made it illegal for them to serve the sanctioned individuals, so banks are stuck. What will end up happening and it's looking more likely than not is that foreign banks might be slowly phased out in hk. And same issue with the wechat ban, what will end up happening is that barely anyone in China will buy an iPhone now because it won't have wechat.

    At the end of the day the national security law in hk still exists, and it is ruining hk.


  3. #33

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    Quote Originally Posted by topworld:
    This will only hurt US companies. Apparently it is against national security in hk for banks to cooperate with the sanctions, and the US has made it illegal for them to serve the sanctioned individuals, so banks are stuck. What will end up happening and it's looking more likely than not is that foreign banks might be slowly phased out in hk. And same issue with the wechat ban, what will end up happening is that barely anyone in China will buy an iPhone now because it won't have wechat.

    At the end of the day the national security law in hk still exists, and it is ruining hk.
    There will be losses and the cost may be high, but it is manageable for most US firms in HK. They may not want to, but if they are forced to relocate, say to Singapore or elsewhere in Asia, they can do it. Their continuing existence as a going concern, as a business, is not at stake.

    Now look at it from China's perspective, is it in their interest to drive away foreign firms from HK? Especially the banks? It would only further weaken HK's financial hub status and diminish its ability to serve as a conduit of moving foreign capital into China. So Beijing may think twice before enforcing NSL provisions against foreign firms.

  4. #34

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    Original Post Deleted
    I can’t remember exactly but I thought I read that a son was in Germany studying?

  5. #35

  6. #36

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    Quote Originally Posted by Pauljoecoe:
    I can’t remember exactly but I thought I read that a son was in Germany studying?
    Aren't her kids working for Xiaomi on the Mainland? I always thought that's the pressure Beijing was applying

    Surely he means the Bank of Dandong, which is already helping North Korea circumvent sanctions.
    Last edited by mrgoodkat; 09-08-2020 at 09:54 AM.

  7. #37

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    The SCMP's take on the sanctions. The sub-heading suggest any effects are merely symbolic, however the actual article does present scenarios where there will be real impact on these sanctioned individuals. More importantly, it suggest these sanctions are the not the end of US action on HK and Mainland officials, but merely the beginning. The sanctioned list could expand or there may be further sanctions targeting the banks:

    https://www.scmp.com/news/hong-kong/...-united-states

    Last edited by Coolboy; 09-08-2020 at 10:11 AM.

  8. #38

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    Quote Originally Posted by Coolboy:
    The SCMP's take on the sanctions. The sub-heading suggest any effects are merely symbolic, however the actual article does present scenarios where there will be real impact on these sanctioned individuals. More importantly, it suggest these sanctions are the not the end of US action on HK and Mainland officials, but merely the beginning. The sanctioned list could expand or there may be further sanctions targeting the banks:

    https://www.scmp.com/news/hong-kong/...-united-states
    Symbolic? This move from Washington will actually put companies, especially those in the financial sector into a dilemma. Comply with the sanction but potentially violate the national security law and piss off china, or not comply and face penalties. This sanction will force bigger companies here in Hong Kong to pick a side. At the end of the day HK will come out with a big L no matter what
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  9. #39

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    Quote Originally Posted by Taxmyass:
    Symbolic? This move from Washington will actually put companies, especially those in the financial sector into a dilemma. Comply with the sanction but potentially violate the national security law and piss off china, or not comply and face penalties. This sanction will force bigger companies here in Hong Kong to pick a side. At the end of the day HK will come out with a big L no matter what
    I agree, I didn't suggest I support SCMP's viewpoint, merely pointing it out. Curious also now DeletedUser has went from saying sanctions will have no effect to now agreeing it will have real impact on the city, your post, in other words. (Funny now he has unliked your post).
    Last edited by Coolboy; 09-08-2020 at 12:28 PM.
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  10. #40

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    Quote Originally Posted by Coolboy:
    I agree, I didn't say I support SCMP's viewpoint, merely pointing it out. Curious also now DeletedUser has went from saying sanctions will have no effect to now agreeing it will have real impact on the city, your post, in other words.
    I guess by that he meant the sanction has no meaningful impact to the CCP. Which from the surface of it is somewhat true. But i also think this is just the beginning, this sanction will have significant ramification that can and I believe the US will start a financial war.
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