Friday, August 16, 2019

"Hong Kong’s banks say they have adequate cash to meet demand, even as calls circulate online for protesters to empty out ATMs"

The protests have gone far beyond the extradition law and seem to be taking on Cloward-Piven overwhelm-the-system tactics to force realignment of the China/Hong Kong relationship. If this is the case it is a bridge too far and a loser for the protesters.

From the South China Morning Post:
  • City’s lenders said they have contingency plans in place, monitoring situation
  • Hong Kong’s Financial Secretary said the city’s banking system is ‘very solid’ and has ‘adequate liquidity’
Hong Kong’s biggest banks said they have enough currency notes on hand to handle any extraordinary increase in demand for cash, as calls circulated online for protesters to empty out automated teller machines (ATMs) to disrupt the banking system in Asia’s financial hub.
HSBC, the largest of the city’s three currency-issuing banks, said it “has sufficient supply of banknotes and is committed to supporting its customers and the smooth operation of the financial system in Hong Kong,” according to a bank spokeswoman.

Bank of East Asia, DBS, OCBC Wing Hang Bank and Hang Seng Bank said they have put contingency plans in place, and are keeping their eyes on withdrawals via their teller machines.
 
The call-to-action is the latest in a series of attempts to disrupt Hong Kong’s infrastructure, after protesters occupied the airport earlier this week, forcing the airfield to cancel flights as many as 1,000 flights over two straight days. In late June, protesters disrupted services at key stations on the city’s subway network, as they stepped up their campaign to oppose a controversial extradition bill....MORE
If, as the Chinese suspect the U.S. CIA is encouraging the protestors, it is the CIA making a huge mistake in assuming that tactics which may work in a democracy would work in China.

Also at the SCMP: 
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