The Department of the Treasury's Office of Foreign Assets Control (OFAC) is implementing new regulations related to a July 14, 2020, Executive Order concerning Hong Kong. These regulations aim to address actions by China that undermine Hong Kong's autonomy, impacting various aspects including asset blocking and transactions. The regulations are currently published in a simplified form to provide immediate guidance, with more detailed regulations expected later. These rules are effective from January 15, 2021, and are part of broader U.S. efforts in response to China's actions affecting Hong Kong's independence and rights.
Simple Explanation
The U.S. Treasury made new rules to stop China from bossing Hong Kong around too much. These rules started in January 2021 and help show what America thinks about China being mean to Hong Kong.