Posted on 05/01/2022 7:16:58 AM PDT by marshmallow
The move comes in the wake of the freezing of more than $300 billion in Russian Central Bank assets trapped in banks abroad by the United States and its allies, and threats to seize this wealth, or “redirect” it to other countries.
Chinese state regulators held an emergency conference with major domestic and foreign banks to discuss means to protect the People’s Republic’s assets should the US impose sanctions similar to those it slapped on Russia in February, the Financial Times reports, citing people said to be familiar with the situation.
The meeting, said to have taken place on 22 April, reportedly involved officials from the People’s Bank of China, the country’s powerful central bank, as well as the Finance Ministry. Representatives from every major national bank took part, as did major foreign lenders operating in the Asian nation, such as HSBC, according to the paper’s sources.
An unnamed "senior finance ministry official" was said to have kicked off the meeting by saying Beijing had been "put on alert" of the West’s ability to seize foreign assets by observing what the US and its allies did to Russia.
In March, officials from the Russian Central Bank and the Ministry of Finance reported that the United States and its allies had seized "about $300 billion" of the country’s estimated $642 billion reserve cushion, with the US alone accounting for roughly $100 billion of that. In recent weeks, officials and lawmakers in Washington and Brussels have threatened to confiscate these assets, or transfer them to Ukraine.
The 22 April meeting did not include a discussion of possible scenarios under which China’s assets could be frozen, although one person briefed on the conference said a move by Beijing to resolve the Taiwan crisis by force might be one such cause.
“If China............
(Excerpt) Read more at sputniknews.com ...
After looking at the US stock market futures, I wonder who’s really got the bad end of the deal.
You should see the other guys stock market...
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