Hong Kong protesters are calling for massive ATM withdrawals in an economic warning to China

Business Insider | 8/11/2019 | Ellen Ioanes
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Hong Kong protesters are trying something new on August 16 — withdrawing their money from banks or converting it to US dollars.

Protesters are hoping to protect their assets in case of further Chinese intervention and show the People's Republic of China and Hong Kong Chief Executive Carrie Lam that there will be economic consequences for ignoring protesters' appeals.

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Hong Kong protesters have come up with a new nonviolent protest tactic — taking all their money out of ATMs and banks to send a message to the People's Republic of China and Hong Kong Chief Executive Carrie Lam.

August - Hong - Kong - Protesters - Money

On August 16, Hong Kong protesters plan to withdraw as much money as possible from their banks or change their currency into US dollars, both to protect their own assets and to show the mainland that the semiautonomous island is more than just a cash cow.

Posts in LIHKG, Hong Kong's version of Reddit, show photos of hard currency withdrawn from banks, as well as ATMs declaring they're out of cash. While the official protest is set to take place on August 16, Hongkongers have begun to take out their cash in advance because they can withdraw only $20,000 per day.

Hong - Kong - Student - Protest - Cashout

The Hong Kong student who started this latest protest, which activists have named the Cashout HKD to USD, told INSIDER that as of Thursday, over 70 million Hong Kong dollars (nearly $9 million) had been withdrawn, both in Hong Kong currency and in US currency; the claim couldn't be independently verified. More than 400 protesters have recorded their withdrawals, and a Telegram channel for the protest has over 1,500 members.

The Hong Kong protests have been going on for 10 weeks, and while they have become increasingly...
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