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. While that will affect the people or the companies involved, it will not affect Hong Kong's financial system, Yam said.

Source: The Standard July 29, 2020 06:56 UTC