China is reportedly taking steps to protect its overseas assets, amid fears the country could one day be subjected to sanctions similar to those imposed on Russia. | BISouthAfrica
, a full blocking on large Russian financial institutions, measures targeting Russia's sovereign debt, and even sanctions against oligarchs and their families. , Chinese officials recently held an emergency meeting with domestic and foreign banks to discuss how the state might protect its assets, should it ever face similar penalties.
People familiar with the conference, which took place on April 22, told the FT the meeting was made up of officials from China's central bank and finance ministry, executives from dozens of local and international lenders such as HSBC, and representatives from other domestic banks operating in China.
One source told the newspaper:"If China attacks Taiwan, decoupling of the Chinese and western economies will be far more severe than [decoupling with] Russia because China's economic footprint touches every part of the world." – Russia's System for Transfer of Financial Messages, and China's Cross-Border Interbank Payment System. , China has $3.2 trillion in foreign reserves.
"They are watching with great interest to see how effective sanctions applied to Russia might be effectively applied to China," Douglas H. Paal, a non-resident scholar at the Carnegie Endowment for International Peace,"If there is an invasion of Taiwan, China would expect the US to summon as broad a range of sanctions as possible."
Andrew Collier, managing director of Orient Capital Research in Hong Kong, told the newspaper the Chinese government was right to be concerned"because it has very few alternatives and the consequences [of US financial sanctions] are disastrous."
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