On the eve of China’s National People’s Congress, several ministries held press conferences. At the meeting, Guo Shuqing, Secretary of the Party Committee of the People’s Bank of China and Chairman of the China Banking and Insurance Regulatory Commission, was asked about the impact of U.S. sanctions on Chinese companies and individuals on China’s financial markets.
Guo Shuqing said that the China Banking and Insurance Regulatory Commission and the entire banking and insurance system will not enforce U.S. laws and regulations, but must enforce Chinese laws and regulations. In particular, he said that financial institutions in Hong Kong, including both Chinese and foreign institutions, must abide by Hong Kong laws and regulations and will not enforce U.S. sanctions, describing them as “non-binding.
Although Guo Shuqing claimed that all financial institutions in Hong Kong will not implement the U.S. sanctions, but Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor earlier interviewed by the Hong Kong media, has disclosed that the U.S. sanctions make her unable to use her bank account, the government to pay her salary now, she had to store a lot of cash at Home. According to public information, Carrie Lam’s annual salary of HK$5.21 million, is the second highest paid leader in the world.
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