HK Can Cope With Sanctions: FS

The Government has a contingency plan in place to cope with possible US sanctions on US dollar clearing in Hong Kong.

Financial Secretary Paul Chan made the statement today when asked by reporters how the Government is preparing for potential US sanctions imposed on Hong Kong in response to the central government’s decision to enact national security legislation for the city.

“On your question about US dollar clearing, we have made reference to the sanctions previously invoked by the United States towards different jurisdictions.

“Some of those sanctions are trying to cause inconvenience to the targeted individuals or institutions. Say for example, sanctions in respect of named individuals and institutions," Mr Chan said.

“Let me assure you, we have taken that into consideration and we are confident that we have a contingency plan in place to respond to that,” he added.