Hong Kong Activist Leader Calls For A Run On Chinese Banks Tomorrow (Friday)

[Baofeng]

Prominent Hong Kong pro-independence political activist Chen Haotian has called for a run on Chinese banks, asking that everyone withdraw their money on the same day.

Arguing that large scale protests have only led to injuries and escalating police brutality, Haotian believes another method could be used to severely undermine China’s influence – a good old fashioned run on the bank.

He suggested that another method could be used, namely, impacting the financial system,” reports China Press.

    “He called on Friday (August 16) that Hong Kong citizens take out all bank deposits. The primary goal is Chinese banks, but he said other banks should also be targeted, otherwise Chinese banks can borrow money from other banks to solve problems.”

Hong Kong has been rocked by weeks of violent protests by pro-independence campaigners. Earlier this week, riot police stormed Hong Kong International Airport to clear them out.

https://www.zerohedge.com/news/2019-08-15/hong-kong-activist-leader-calls-run-bank

I'm telling you, the Hong Kong drama is getting worst by the day, withdraw all their money and then go to BTC and leverage their wealth, I think that's the best option for them. 

Seriously, I don't know if this is going to be a good method to force the Chinese government to have an effective solution to their domestic problems. China would bulge an inch we all know that, and the only victims here are the common and casual people inside Hong Kong.

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[Lucius]

I doubt this can have any big effect on banks or the overall situation in Hong Kong. People can try to withdraw money from ATMs until they become empty, but banks can always close doors and stop the business under any pretext. I am sure money will not go in Bitcoin even if most of citzens there manage to withdraw their fiat, we see that situation there is have zero impacts on Bitcoin price.

They can protest as much as they want, but they are thus damaging their economy which ultimately suits China perfectly as they prepare some more serious actions in the background. I read that HK real estate stock is lost $50 billion until now, and some of of the richest people there are practically asking the protesters to stop causing them financial loss day by day.

"In the name of love, please turn away from anger," read an advertisement published by Li Ka-shing in several local newspapers in Hong Kong on Friday. Li's appeal comes as the protests begin to weigh heavily on Hong Kong's economy, and as businesses — mostly notably the city's top airline Cathay Pacific — struggle to deal with the fallout. "The road to Hell is often paved with good intentions," Li added in a statement provided to CNN Business by his spokesperson.About $8.8 billion has been wiped off the market value of Li's CK Asset since its recent peak in early April. 

[stompix]

Seriously, I don't know if this is going to be a good method to force the Chinese government to have an effective solution to their domestic problems. China would bulge an inch we all know that, and the only victims here are the common and casual people inside Hong Kong.

China's Central Bank has 3.2 trillion in reserves alone.
With a population of 7 million in HK, they could lend the banks half a million $ for every person.
This bank-run call is like the people in Seattle trying to bankrupt the US by withdrawing cash from an ATM.
A naruto run would be more effective than this bank run.

But, let's see them do it, I mean, what could go wrong when banks shut down and all the money gets locked, there is no way of paying for goods, commerce dies down and you end up like Somalia?
I'm amazed how people come up with plans that involve cutting your leg and throwing it at the enemy.

[hatshepsut93]

I'm telling you, the Hong Kong drama is getting worst by the day, withdraw all their money and then go to BTC and leverage their wealth, I think that's the best option for them. 

Putting a significant part of your saving into BTC is a crazy move, especially if you are a beginner. Bitcoin is too volatile and unpredictable, some people will lose their money and will be in a very tough situation. Some people like to cheer when there's a disaster in the world, because they think it's an opportunity for Bitcoin to shine, but reality shows that it doesn't happen on any note-worthy scale, and this time it will be the same - even if a bank run will happen, Bitcoin will not be affected.

[The Sceptical Chymist]

*Sigh* Zerohedge.

OK, so an activist called for a run on the banks, big deal.  I highly doubt the citizens of Hong Kong are going to follow his call to arms, as I don't think it would be in their own best interests.  But hey, I could be wrong--I don't really follow politics, much less foreign politics.

withdraw all their money and then go to BTC and leverage their wealth, I think that's the best option for them. 

You think people would rush out to buy bitcoin even if the average person would know how to?  I doubt that.  If there's a currency crisis, regardless of what country it happens in, people usually flock to other stable currencies and not cryptocurrency.  It might sound like a great idea for a crypto supporter, but it's not reality.

Putting a significant part of your saving into BTC is a crazy move, especially if you are a beginner.

Indeed.  If I were in the midst of a currency devaluation, hyperinflation, or some other sort of crisis I'd probably turn to Canadian dollars or another stable foreign currency.  No way would I convert all my money to bitcoin or anything else with its level of volatility.

[Febo]

Prominent Hong Kong pro-independence political activist Chen Haotian has called for a run on Chinese banks, asking that everyone withdraw their money on the same day.

Arguing that large scale protests have only led to injuries and escalating police brutality, Haotian believes another method could be used to severely undermine China’s influence – a good old fashioned run on the bank.

He suggested that another method could be used, namely, impacting the financial system,” reports China Press.

    “He called on Friday (August 16) that Hong Kong citizens take out all bank deposits. The primary goal is Chinese banks, but he said other banks should also be targeted, otherwise Chinese banks can borrow money from other banks to solve problems.”

Hong Kong has been rocked by weeks of violent protests by pro-independence campaigners. Earlier this week, riot police stormed Hong Kong International Airport to clear them out.

https://www.zerohedge.com/news/2019-08-15/hong-kong-activist-leader-calls-run-bank

I'm telling you, the Hong Kong drama is getting worst by the day, withdraw all their money and then go to BTC and leverage their wealth, I think that's the best option for them. 

Seriously, I don't know if this is going to be a good method to force the Chinese government to have an effective solution to their domestic problems. China would bulge an inch we all know that, and the only victims here are the common and casual people inside Hong Kong.

Banks hold very little cash.  If people would do this in any country they would tell them to come back next day after 10 minutes of withdrawals. Money people have in banks exist only as a number on a ledger.  What they could really do is to deposit it to an exchange and buy bitcoin. that would make sense. But that will not happen.


What will happen is that world will lose two financial metropolis in few years time and funny is that not because of Bitcoin.   Hong Kong and London will both lost its place as a financial metropolis in only few years time .

[Mahanton]

Putting a significant part of your saving into BTC is a crazy move, especially if you are a beginner.

Indeed.  If I were in the midst of a currency devaluation, hyperinflation, or some other sort of crisis I'd probably turn to Canadian dollars or another stable foreign currency.  No way would I convert all my money to bitcoin or anything else with its level of volatility.

They are just being dragged on whats new or trending without even minding on the volatility risk into their funds transferred to BTC/crypto.
They would only realize that the move they had made is a big mistake is when they do already lost up money.Even myself wont consider this as an option
to put up 100% all of your funding converted to crypto just to avoid some inflation etc.

[Jating]

Putting a significant part of your saving into BTC is a crazy move, especially if you are a beginner.

Indeed.  If I were in the midst of a currency devaluation, hyperinflation, or some other sort of crisis I'd probably turn to Canadian dollars or another stable foreign currency.  No way would I convert all my money to bitcoin or anything else with its level of volatility.

They are just being dragged on whats new or trending without even minding on the volatility risk into their funds transferred to BTC/crypto.
They would only realize that the move they had made is a big mistake is when they do already lost up money.Even myself wont consider this as an option
to put up 100% all of your funding converted to crypto just to avoid some inflation etc.

And its going to be too late for them to realised that it is a big mistake to put their money on such a volatile market so this is not a good advise at all. They could withdraw their money in support of the demonstration but nothing won't happen here. China will still be in front of everything.

They are going in great lengths here, however, the effect won't be very significant though. People needs to bring food in the table and the longer this goes, the high chance that the movement will fall.

[STT]

This bank-run call is like the people in Seattle trying to bankrupt the US by withdrawing cash from an ATM.

Sounds about right, such a thing would make no dent in the monetary base because the vast majority of cash is not physically contained but described as debt on balance sheets.    Apparently China is no different and has large amounts of debt  owed between various government controlled institutions.    Its not a position Hong Kong residents can break because its not entirely capitalist based, the issuance of money is newly produced and credited to those largest operations that would favour the stability of the government.   
  Almost the world over, similar setups are true in every nations economy.   I wish capitalism were present and available in such a way to Hong Kong.   Its a noble idea but I think the population are being slightly short term in their thinking in defeating the menace of communist China vs HK.   Its hard to criticise a necessary fight but I'd be lying if I said I was especially optimistic on their chances against a much larger opponent.

[arpon11]

How much fiat is available to be withdrawn through ATM or any mode of drawing? We would not say this will not affect banks but the positive effect of it on crypto currency or bitcoin will be very minimal! The bank will always find there way around this as the role there plays in China may be different from what happened in other countries and if customers withdrawal are going to affect Chinese economy I think the government is going to intervening through monetary policy.

[fiulpro]

This won't simply be taken in good light by the government , it simply is a problem considering they cannot influence each and every person and as far as I know in the fear of the Chinese government most people won't withdraw the money , I mean if people are capable of making such decisions then so can the government.
The government can simply issue a warning against anyone who tries to do things complying to this ..
But now not only the government , even the people have the power to actually stand off against anyone...
I think this is a breakthrough.

[Vishnu.Reang]

Hong Kong activists should not try to bite off more than they can chew. The economy of Hong Kong may collapse without China, while the latter may not face any long-term consequences even if the economic ties with HK are damaged. But it is still unclear about the popular sentiment in HK. I would not trust foreign agencies such as BBC and CNN too much to measure the mood of the people there.

[el kaka22]

I didn't really realize that Hong Kong was so much tied to China, I mean we all know their situation but I thought that was a separate country with separate ideals and citizens acting all differently, apparently the government is not so separate, for weeks now (maybe months) there has been the same talk over and over again and it is getting more dangerous for the people who live there, they literally ceased a regular citizen who was walking down the road where protests was happening, it is literally risky to walk in the same place as the protesters let alone becoming a protester yourself.

Withdrawing all your money from banks would work in theory because it would really make it difficult for Chinese banks to keep operating but lets not forget that China can fund it as long as they want because its a really huge economy.

[STT]

China dominates the entire region, HK has suffered kidnappings of its citizens where people disappear and are found to be in 'discussions' on mainland China with the central party on their use of wealth or whatever policy in HK.   It was already a problem before these riots, unfortunately not much can stop China stomping over HK and the elements that have made it great for so long.

Taiwan which really is a separate country for over fifty years is also threatened by the expanding influence of China communism.   They will not be feeling any better for these recent events, I believe many countries are alarmed by the China rhetoric ongoing.


I find the only likely resistance to this problem is going to be the wealth destruction that results from sending troops into a Financial area as if anything can be forced to be true by violence and threats alone.    I also think the protesters has mis-stepped by allowing any excuse for themselves to be labelled destructive, I'm aware some of this is false flag operatives.

[BitHodler]

Regardless of how I dislike China, I would never order anyone to participate in a bank run. It's literally similar to digging your own grave because of how integrated banks are in the economy.

I would just stick to recommending people to put a portion of their savings into Bitcoin, which is similar to saying 'fuck you bank', but without the drama that comes with a bank run. Be careful what you wish for.

More realistically speaking, it's very unlikely that we'll see people participate in a bank run aside from a few who think withdrawing their money will lead to anything. You still have to pay your bills, receive your salary, etc.

[Muzika]

Prominent Hong Kong pro-independence political activist Chen Haotian has called for a run on Chinese banks, asking that everyone withdraw their money on the same day.

Arguing that large scale protests have only led to injuries and escalating police brutality, Haotian believes another method could be used to severely undermine China’s influence – a good old fashioned run on the bank.

He suggested that another method could be used, namely, impacting the financial system,” reports China Press.

    “He called on Friday (August 16) that Hong Kong citizens take out all bank deposits. The primary goal is Chinese banks, but he said other banks should also be targeted, otherwise Chinese banks can borrow money from other banks to solve problems.”

Hong Kong has been rocked by weeks of violent protests by pro-independence campaigners. Earlier this week, riot police stormed Hong Kong International Airport to clear them out.

https://www.zerohedge.com/news/2019-08-15/hong-kong-activist-leader-calls-run-bank

I'm telling you, the Hong Kong drama is getting worst by the day, withdraw all their money and then go to BTC and leverage their wealth, I think that's the best option for them. 

Seriously, I don't know if this is going to be a good method to force the Chinese government to have an effective solution to their domestic problems. China would bulge an inch we all know that, and the only victims here are the common and casual people inside Hong Kong.

They are boycotting chinese banks and with regards to the domestic problem they are anticipating the possibility of dropping the value of HKD due to the protest but this is just a protest and not a war for them to think that they should follow the call. The good thing that I can see is that  they are looking for the crypto as alternative on their banking industry to save their money.

[avikz]

Taking out bank deposits and hold it via cryptos can not solve such a big problem like this! But yes, it can probably leave some dent on their liquidity but nothing else! The root of the Hong Kong issue goes much deeper in their socio-economic structure! The population of Hong Kong is just 7.3 million and the population of mainland China is 1.38 billion. So even if every single citizen takes out their deposits from Chinese banks, it won't do much bad for them, just a temporary liquidity crisis may arise!

The Chinese government is creating such kind of problems since a long time with Hong Kong, Taiwan, Tibet as well as with India! A global decree should be implemented by United Nations which will effectively ban every Chinese nationals from travelling and doing business in foreign land. Also boycotting Chinese products will have severe impact on China's economy. Only then China will face the heat and probably re-think their aggressive stance on their greed of foreign land. Running on banks will have small/no impact in the entire issue!

[veleten]

the "activist" is nothing more than a paid loudspeaker of the western elites trying to harm China in any way possible
and what could be better than to undermine their financial system creating artificial panic and try to get people to withdraw money from banks
it is well known that banks do not hold enough funds to pay all of the customers if they come to withdraw at the same time
but I highly doubt there will be any reaction from the common folk ,except for some fellow "activists"
given the recent trade wars between the US and China I think it is obvious who is behind the Hong Kong protests
and Op , what kind of domestic problems you mean ? China is doing exceptionally well economically and sponsored protests are not going to affect it
China will go its own way however weird it may look to us , also they had been vaccinated in 1989 , Tiananmen square anyone? 

[beerlover]

I think the problem will not go on as much as people think it will continue. The good part about Hong Kong is that it is not a one party regime like china, which means if people are really against the president then they can vote him out next term, if he doesn't lose and still gets many votes then the protests we are seeing doesn't mean anything and only a vocal minority that doesn't mean it is what the whole country wants.

Of course, the police brutality part is bad but there was movements all around the world some of which made changes in the government but at the same time there were few who didn't counted to anything and government got voted back to rule which meant it was actually vocal minority that was making the scene. Lets wait until the next elections and we will know whats going on for real.

[coolcoinz]

I don't think such withdrawal order will affect the Chinese bank rather it is a very big risk on the HK who are pushing their resources into bitcoin. If bitcoin drops, it means a big loss to them. This is better not to withdraw everything into bitcoin.

The bank run was supposed to be a protest like the ones in France and they weren't planning to buy bitcoin. The idea is to use ATMs to withdraw and if you are holding your money anyway, exchange it to foreign currency. Buying Bitcoin doesn't mean a great loss to them. It's a growing asset so you have much greater chance of earning on it than not.

but I highly doubt there will be any reaction from the common folk ,except for some fellow "activists"

The reaction was pretty big. People around the world are getting fed up with monetary policies of their governments. Hard to say if it was meant to destabilize the country or just show them the point of view of the common folk, but it wasn't a small protest made by a group of fanatics.
https://www.youtube.com/watch?v=LOb6J8-GpN4