See our, Read a limited number of articles each month, You consent to the use of cookies and tracking by us and third parties to provide you with personalized ads, Unlimited access to washingtonpost.com on any device, Unlimited access to all Washington Post apps, No on-site advertising or third-party ad tracking. All rights reserved. Carrie Lam Cheng Yuet-ngor GBM GBS (Chinese: 林鄭月娥; Cantonese Yale: Làhm Jehng Yuht-ngòh; née Cheng, born 13 May 1957) is a Hong Kong politician serving as the fourth and current Chief Executive of Hong Kong since 2017. Factset: FactSet Research Systems Inc.2018. Hong Kong leader Carrie Lam recently said she keeps “piles of cash” at home because banks have refused to provide services to her after she was hit with U.S. sanctions. HONG KONG, Nov 28 — Hong Kong leader Carrie Lam said she has “piles of cash” at home as she has no bank account after the United States slapped sanctions on her in response to a draconian security law China imposed on the city. That could cost them access to the dollar. ", Lam's comments have also sparked a debate. Hong Kong leader Carrie Lam said she has "piles of cash" at home as she has no bank account after the United States slapped sanctions on her in response to a … The Global Times also noted the importance of the US dollar to SWIFT, the messaging service that moves money around the global banking system. Please enable cookies on your web browser in order to continue. "No foreign country has the right to make irresponsible remarks or interfere in Hong Kong's affairs," China's Ministry of Foreign Affairs said in a statement. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All times are ET. https://www.reuters.com/article/us-hongkong-politics-carrielam-idUSKBN2890EQ Unbanked Hong Kong Chief Carrie Lam: "I Have Piles of Cash at Home" Hong Kong Chief Executive Carrie Lam says she is currently unbanked and keeps piles of cash stashed at her home courtesy of US sanctions. We rely on readers like you to uphold a free press. Banks rely on SWIFT for clearing US dollar transactions. Due to U.S. sanctions, Carrie Lam no longer has access to banking services, claiming “I have piles of cash at home - the govt is paying me cash for my salary because I don’t have a bank account” Earning $5 million HKD p.a., her house must look like it’s inhabited by a drug lord. Hong Kong leader Carrie Lam recently said she keeps “piles of cash” at home because banks have refused to provide services to her after she was hit with U.S. sanctions. Asked by CNN Business about the sanctions on Lam, China's foreign ministry said Tuesday that the country "firmly opposes" US action. By clicking “I agree” below, you consent to the use by us and our third-party partners of cookies and data gathered from your use of our platforms. Carrie Lam says she has no bank account due to US sanctions, and pays cash for everything. https://fortune.com/2020/11/30/carrie-lam-salary-cash-hong-kong-sanctions Amazingly, Lam no longer has access to credit cards or even a bank account. Carrie Lam, Hong Kong's chief executive, said that it is an unusual "honor" to be so "unjustifiably sanctioned" by the United States. By clicking “I agree” below, you consent to the use by us and our third-party partners of cookies and data gathered from your use of our platforms. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. But any type of financial war could cause chaos, and ultimately hurt the United States. Carrie Lam es la jefa del Ejecutivo de Hong Kong. See our Privacy Policy and Third Party Partners to learn more about the use of data and your rights. China is one of the biggest holders of US Treasuries. Hong Kong's Leader Says She Relies On 'Piles Of Cash' Because Of U.S. Sanctions. Citing a financial expert, the Global Times noted that the dollar's dominance in such arenas "leaves China vulnerable to US sanctions.". Chief Executive Carrie Lam speaks to the Post at the Government House in Central on Sunday. Carrie Lam said recent US moves had badly hurt the city’s shipping industry. En una entrevista este viernes, esta política reveló que tiene "montones de dinero en metálico en casa". Hong Kong leader Carrie Lam keeps salary in ‘piles of cash’ because of US sanctions Richard Lloyd Parry , Asia Editor, Hong Kong Sunday November 29 2020, 6.00pm , The Times Hong Kong (CNN Business)US sanctions have cut off Hong Kong Chief Executive Carrie Lam from the global banking system, the controversial political leader says, forcing her to stockpile cash. "I'm using cash everyday for all the things," Lam told Hong Kong International Business Channel on Friday. Photo: Winson Wong The chief executive tried to downplay the trend of … Carrie Lam interview: Hong Kong’s leader in her own words on protests, political turmoil and what next for the city I do feel quite strongly that this is the time to really get tough, Lam … Disclaimer. Hong Kong’s chief executive recently disclosed that she has been receiving her HK$5.2 million ($672,000) salary in “piles of cash” stacked at her house as a result of U.S. sanctions. Cash and Carrie: HK leader unable to use credit cards, banking services after US sanctions Earning HK$5.21 million a year, Hong Kong leader Carrie Lam is … Hong Kong leader Carrie Lam says she has to pile up cash at home as she has been unable to open a bank account in the global financial centre since Washington sanctioned her … But experts from the law firm Mayer Brown pointed out in an August report that the actions "will have implications for both US and non-US persons, including foreign financial institutions, who have dealings with these individuals.". Hong Kong leader Carrie Lam said she has "piles of cash" at home as she has no bank account after the United States slapped sanctions on her in response to a … To understand what China is trying to do, consider Carrie Lam’s current problem. 293 likes. Amazingly, Lam no longer has access to credit cards or even a bank account. She said: "The government is paying me cash … She served as Chief Secretary for Administration from 2012 to 2017 and Secretary for Development from 2007 to 2012.. After graduating from the … Cash and Carrie: Hong Kong leader Carrie Lam says she has 'piles of cash' at home as she has no bank account due to US sanctions over a security law China imposed on the city AFP In an interview with local English TV channel HKIBC aired on Friday night, Lam said she was ‘using cash every day for all the things’ All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Hong Kong Chief Executive Carrie Lam Lam said it was "very honorable" to be "unjustifiably sanctioned" by the US government. (CNN)US sanctions have cut off Hong Kong Chief Executive Carrie Lam from the global banking system, the controversial political leader says, forcing her to stockpile cash.. Lam on Friday told a local TV station in Hong Kong that she has been unable to access banking services since the United States blocked American individuals and companies from doing business with her in August. Here's why, See Jack Ma's first public appearance in months, Trump administration dials up US-China tech tensions, Chinese government halts Ant Group's giant IPO, How China's Ant Group built a $17 trillion payments machine, HSBC may have to choose between China and the West, Mars is the latest arena in US-China rivalry, The moral dilemma of doing business in China, explained, China censors a lot, from Winnie the Pooh to the NBA, Why American fast food chains will do anything to win in China, imposition of a sweeping national security law on the city, The US-China rivalry in tech and trade won't end because Joe Biden is president. Hong Kong Chief Executive, Carrie Lam, said she has to keep "piles of cash" at home due to US sanctions. https://www.washingtonpost.com/world/2020/11/28/carrie-lam-cash-sanctions Lam on Friday told a local TV station in Hong Kong that she has been unable to access banking services since the United States blocked American individuals and companies from doing business with her. Analysts have noted that the United States could theoretically cut off Chinese banks from accessing the US financial system entirely. https://www.washingtonpost.com/world/2020/11/28/carrie-lam-cash-sanctions https://fortune.com/2020/11/30/carrie-lam-salary-cash-hong-kong-sanctions Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. "I have piles of cash at home. In August, she told, In another interview with the South China Morning Post. The new European data protection law requires us to inform you of the following before you use our website: We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests. We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests. In a television interview, Lam … The restrictions also prevent Lam from holding any US-based assets. Earlier this year, for example. Hong Kong leader Carrie Lam said she has "piles of cash" at home as she has no bank account after the United States slapped sanctions on her in response to a Monday, February 15, 2021 4:47 PM But they have pointed out that Biden's tone. The sanctions did not explicitly spell out whether Washington would punish foreign financial institutions for working with Lam and others who were singled out by the US government. El mo Velkoobchod s potravinami, nápoji, alkoholem, tabákovými výrobky a drogerií specializující se na maloobchody. "They just want to comply with the US rules.". You also agree to our Terms of Service. Hong Kong leader Carrie Lam said she has "piles of cash" at home as she has no bank account after the United States slapped sanctions on her in response to a draconian security law China imposed on the city. Hong Kong’s Chief Executive Carrie Lam says that she has “piles of cash” at home because she is denied basic banking services due to U.S. sanctions. pic.twitter.com/oqr2cGGsyg Hong Kong’s chief executive, Carrie Lam, said in an interview Saturday that she has no bank account and relies upon “piles of cash” for her finances because of U.S. sanctions against the city. US sanctions have cut off Hong Kong Chief Executive Carrie Lam from the global banking system, the controversial political leader says, forcing her to stockpile cash. Hong Kong Leader Carrie Lam said she has been getting around sanctions that limit her ability to do banking by collecting her salary in cash. "Lam on Friday told a local TV station in Hong Kong that she has been unable to access banking services since the United States blocked American individuals and companies from doing business with her in August. White House to be home for Joe Biden's pets Major and Champ: A brief history on 'first pets' of America In an interview with the South China Morning Post, Lam… The question of how much the United States could use the greenback to pressure China is not a new one, either. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. "China will take all resolute countermeasures to safeguard national sovereignty and security interests and the legitimate rights and interests of Chinese citizens. The government is paying me cash for my salary because I don't have a bank account. Carrie Lam Cheng Yuet-ngor GBM GBS (Chinese: 林鄭月娥; Cantonese Yale: Làhm Jehng Yuht-ngòh; née Cheng, born 13 May 1957) is a Hong Kong politician serving as the fourth and current Chief Executive of Hong Kong since 2017. "They have a lot at stake," Chong told CNN Business. Analysts don't expect drastic changes to US-China economic relations when President-elect Joe Biden takes office in January. This content is currently not available in your region. €5 every 4 weeks or just €50 €20 for the first year, €7 every 4 weeks or just €70 €30 for the first year. US sanctions have cut off Hong Kong Chief Executive Carrie Lam from the global banking system, the controversial political leader says, forcing her to stockpile cash. Chinese banks may be afraid of facing US sanctions themselves should they work with Lam, according to Terence Chong, associate professor of economics at the Chinese University of Hong Kong. Hong Kong’s chief executive recently disclosed that she has been receiving her HK$5.2 million ($672,000) salary in “piles of cash” stacked at her house as a result of U.S. sanctions. Hong Kong leader Carrie Lam said she has "piles of cash" at home as she has no bank account after the United States slapped sanctions on her in response to a draconian security law China imposed on the city. Confessed workaholic Lam says she is too busy to take a break – or even spend time talking to her husband. What it means for Hong Kong as US revokes its special trade status, China bans BBC News after UK pulls CGTN's license, US-China tech rivalry will likely continue under Biden presidency. Hanh Lam Cash & Carry, Praha. All rights reserved. Updated 11:07 PM ET, Mon November 30, 2020. ", Lam's revelation shows just how hamstrung she's become by the restrictions. https://www.cnn.com/2020/11/30/business/hong-kong-carrie-lam-cash-intl-hnk Hong Kong leader Carrie Lam says she has to pile up cash at home as she has been unable to open a bank account in the global financial centre since Washington sanctioned her shortly after Beijing imposed a national security law on the city. To understand what China is trying to do, consider Carrie Lam’s current problem. Most stock quote data provided by BATS. Lam's problem may have a lot to do with how much sway the US dollar — the world's reserve currency — has on the global financial system. Read more Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Alongside 14 Chinese and Hong Kong officials, Lam has been slapped with punitive measures that effectively cut her off from the banking system. Hong Kong leader Carrie Lam says she has to pile up cash at home as she has been unable to open a bank account in the global financial centre since Washington sanctioned her …

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