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Do not imagine the hype: Hong Kong says it is enterprise as normal for banks & inventory trade regardless of protests
Hong Kong authorities have rebuffed rumors of a pending inventory market closure and cap on financial institution money withdrawals, saying that the “pretend” messages solely add gasoline to the fireplace amid violent protests.
Messages circulating on social media platforms on Monday claimed that colleges and a few places of work in addition to the Hong Kong inventory trade might be closed later this week as violence grips town.
“Such rumours are completely unfaithful,” the native authorities mentioned in an announcement on its web site, warning in opposition to believing them because it “can result in pointless chaos and worry.”
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Whereas others claimed that native lenders can impose day by day restrictions on money withdrawals, Hong Kong’s monetary regulator and de facto central financial institution, known as the messages “completely pretend and unfounded.” “The Hong Kong banking system is powerful and sound, with ample liquidity to satisfy the wants of the general public,” the Hong Kong Financial Authority (HKMA) mentioned.
Months of social unrest have plunged Hong Kong’s financial system into recession because it confronted two successive quarters of contraction. Town could even face its first annual financial contraction in ten years, in accordance with its monetary secretary.
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However banks try to maintain operations operating as regular, although some branches have got here underneath protesters’ assaults. A number of lenders needed to shut their branches as a result of scenario within the metropolis. On Monday, department providers have been suspended in 15 main banks, together with these from mainland China similar to Industrial and Industrial Financial institution of China and China Building Financial institution, in accordance with the Hong Kong Affiliation of Banks.
Town has come via the 24th straight weekend of anti-government unrest, with protesters vandalizing a prepare station and different metropolis infrastructure on Sunday. As masked rioters rampaged via town on Monday, one protester was injured after he was shot by police. One other man was set on fireplace following a heated argument with the rioters.
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