HK LEADER CARRIE LAM KEEPS CASH AT HOME AS BANKS WON’T DEAL WITN HER

US sanctions have cut off Hong Kong Chief Executive Carrie Lam from the global banking system, the controversial political leader says, forcing her to stockpile cash at home, Laura He reported for CNN Business.

Lam on Friday told a local TV station in Hong Kong that she has been unable to access banking services since the US blocked American individuals and companies from doing business with her in August. The US government took action in response to China's imposition of a sweeping national security law on the city. The restrictions also prevent Lam from holding any US-based assets.

"I'm using cash every day for all the things," Lam told Hong Kong International Business Channel on Friday. "I have piles of cash at home. The government is paying me cash for my salary because I don't have a bank account." Lam's revelation shows just how hamstrung she's become by the restrictions. In August, she told Chinese state broadcaster CGTN that she hadn't been to the US in years and that the sanctions were "really meaningless."

In another interview with the South China Morning Post (SCMP) published Sunday, Lam said that she only withdraws part of her salary and keeps it in a drawer in her house, with the rest of the money kept in the Hong Kong Treasury. Lam earns HK$5.2 million ($672,200) a year, according to the government. Lam's comments have sparked a debate in China about how far-reaching the US government's punishment is. The topic has attracted more than 2.5 million views and 500 discussions on Weibo, the Chinese social media platform.