Former Hong Kong lawmaker urges U.S. to punish China's 'ATM': the banking sector
“There’s a stronger way to respond to China’s repression: Hong Kong financial system, which is one of the ATMs of China right now - if we can do something on this, it will be much more powerful,” a former Hong Kong lawmaker
Sixtus “Baggio” Leung said in Washington, after fleeing to seek asylum in the United States in November 2020.
He hopes to meet with advisers of President-elect Joe Biden to urge him to ramp up pressure on China, which tightened its grip over the former British colony with the imposition of new national security laws in June.
Leung suggested action should be taken to block Chinese banks from using SWIFT, a network used by banks globally to make financial transactions, and also target Hong Kong dollar’s peg to the U.S. currency “to try to force China to back to the negotiation table”.
Source: Reuters #Dec11
https://uk.reuters.com/article/hongkong-security-lawmaker/former-hong-kong-lawmaker-urges-u-s-to-punish-chinas-atm-the-banking-sector-idUKKBN28L1S3
#HongKongFinancial #ChinaATM #China #USSanction
“There’s a stronger way to respond to China’s repression: Hong Kong financial system, which is one of the ATMs of China right now - if we can do something on this, it will be much more powerful,” a former Hong Kong lawmaker
Sixtus “Baggio” Leung said in Washington, after fleeing to seek asylum in the United States in November 2020.
He hopes to meet with advisers of President-elect Joe Biden to urge him to ramp up pressure on China, which tightened its grip over the former British colony with the imposition of new national security laws in June.
Leung suggested action should be taken to block Chinese banks from using SWIFT, a network used by banks globally to make financial transactions, and also target Hong Kong dollar’s peg to the U.S. currency “to try to force China to back to the negotiation table”.
Source: Reuters #Dec11
https://uk.reuters.com/article/hongkong-security-lawmaker/former-hong-kong-lawmaker-urges-u-s-to-punish-chinas-atm-the-banking-sector-idUKKBN28L1S3
#HongKongFinancial #ChinaATM #China #USSanction
U.S.
Former Hong Kong lawmaker urges U.S. to punish China's 'ATM': the banking sector
The United States should target Hong Kong's financial sector with tougher sanctions to deprive China from its 'ATM' and to force Beijing to the negotiating table over its crackdown on the Asian financial hub, a former Hong Kong lawmaker told Reuters.