A triple whammy of US restrictions against Chinese companies and individuals has left global banks scrambling to understand the risks facing their operations in Hong Kong and mainland China. The US Treasury Department on August 7 announced sanctions on 11 officials including Hong Kong chief executive Carrie Lam and Luo Huining, director of the Hong Kong Liaison Office and China's top official in the city, over their involvement in the passage of the new national security law. The announcement came only a day after President Donald Trump issued two executive orders to ban, from September, all US transactions related to WeChat and Bytedance, the owner of video app TikTok.
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