What’s new: Hong Kong Police Credit Union has been withdrawing most of its assets and investments from foreign banks, or shifting them to Chinese banks since late May, it said in a statement seen by Caixin.
The credit union said in the statement sent earlier this week to its members that it expects the economic situation in Hong Kong will continue to fluctuate in the second half of the year due to social unrest, the Covid-19 pandemic and China-U.S. tensions.
Its website is now down due to “maintenance.” The credit union didn’t respond to Caixin’s request for a comment.
The background: At the end of June, the credit union had some 45,100 members and nearly HK$11.6 billion ($1.7 billion) in total assets, according to caches of its website. The credit union is a financial cooperative for local police.
The news of the credit union’s move came amid concerns over U.S. sanctions imposed last week against officials in Hong Kong, including Hong Kong Chief Executive Carrie Lam, former Police Commissioner Stephen Lo and current Police Commissioner Chris Tang. This week, China retaliated by slapping sanctions on 11 American lawmakers and foreign policy specialists.
Related: U.S. Sanctions Chinese Officials Including HK Leader Carrie Lam
China Sanctions 11 U.S. Lawmakers, Foreign Policy Specialists
Contact reporter Timmy Shen (hongmingshen@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)
