Govt Quashes Rumours Of Financial Crackdown

The government has moved to reject online rumours that its Emergency Regulations Ordinance is the precursor to a series of measures covering the financial markets, employment and schools.

In a statement late on Sunday, a government spokesman said rumours that the Chief Executive, Carrie Lam, would invoke the power under the Emergency Regulations Ordinance to suspend "the stock market, work and classes on Tuesday and Wednesday, as well as freezing the assets of Hong Kong citizens" were "totally unfounded".

The spokesman said the government put the mask ban in place under the Emergency Regulations Ordinance but stressed that it wasn't an "arbitrary act, but a difficult and also a necessary decision".

He added that the public should be aware of the danger of online rumours.

"They are fabricated to cause panic and lead Hong Kong society to further chaos," he said.

Earlier, the Financial Secretary, Paul Chan, quashed rumours that the government planned to introduce restrictions on capital flows in and out of the SAR.

The Hong Kong Monetary Authority (HKMA) has also dismissed a rumour that it would implement a new regulation capping the daily amount of cash withdrawal from banks as "fake and unfounded".

Separately, the Hong Kong Association of Banks also said the city's ATM machines have enough cash to meet people's needs - despite reports of long queues at some cashpoints over the weekend.

But it also urged people to understand that some banks can't always quickly refill their cash machines - adding that about 10 percent of the city's ATMs had been damaged in the protests and no longer worked.

Some supermarkets have also been hit by panic-buying over the long weekend.

Last updated: 2019-10-07 HKT 07:17