The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

HKMA learns social media lessons in crisis control

In the heat of Hong Kong’s protests, rumours swirl that capital controls are imminent and banks are out of cash. The Hong Kong Monetary Authority ventured onto social media, proactively quelling the gossip. New HKMA head Eddie Yue tells Euromoney how.

HKMA-building_Logo_780.jpg

Source: HKMA



The rumours were circling for a few days before the Hong Kong Monetary Authority intervened.

For most of 2019, Hong Kong, still a vital financial bridge between China and the world, was riven by the kind of public unrest not seen since the 1960s. It was the city’s embattled chief executive Carrie Lam who pulled the trigger in March, introducing a bill permitting the extradition of criminal fugitives to mainland China.

Many saw this as the thin end of the wedge, giving Beijing the power to extradite any Hong Kong citizen at will. Demonstrators trickled onto the streets to begin with, then flooded them in June, when over a million people attended a single rally.

But it was in October that events really came to a head. Three days after Beijing celebrated the 70th anniversary of the founding of the People’s Republic of China, on October 4, Lam invoked an emergency law banning the public wearing of facemasks.

It was like pouring gasoline on a fire. Protesters brought rioting to the streets, roads were closed, banks shuttered branches. In the suburb of Tsuen Wan, an 18-year-old protester was shot while attacking a police officer.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree