FT learned about the discussion in China of protecting foreign assets from US sanctions
The FT's interlocutors reported that China is concerned about the freezing of foreign assets of the Bank of Russia and fears the introduction of such measures against Beijing “in the event of a regional military conflict or other crisis”
Chinese regulators held an emergency meeting with local and international banks, where they discussed ways to protect China's overseas assets from possible US sanctions similar to those imposed on Russia, according to the Financial Times, citing sources familiar with the discussion.
According to the interlocutors of the publication, representatives of the central bank and the Ministry of Finance of China, as well as heads of local and international banks, took part in the discussion on April 22. The publication noted that the meeting began with the words of a senior official of the Chinese Ministry of Finance that Beijing was alarmed by the ability of the United States and its allies to freeze the dollar assets of the Bank of Russia.
According to the Financial Times, Chinese officials are wary of imposing such measures against Beijing “in the event of a regional military conflict or other crisis,” while the meeting did not mention specific scenarios in which China could face sanctions.
One of the sources told the publication that in the event of a Chinese attack on Taiwan, “the separation of the Chinese and Western economies will be much more serious” than with Russia, since Beijing's economic influence affects the whole world. Another source of the newspaper noted that the Chinese banking system is not ready to freeze its foreign exchange assets or disconnect from the SWIFT system. at a high level, which discussed options for closer cooperation to reduce the likelihood of a war with China over Taiwan.
Taiwan — an island in the South China Sea, about 150 km from the coast of China. In 1949, during the revolution, the territory declared secession from China, but Beijing considers it one of the Chinese provinces.
The United States does not have official diplomatic relations with Taiwan, but at the same time sells weapons to it. Officially, the United States, like Russia, supports the One China principle.
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In mid-April, Beijing decided to conduct exercises near Taiwan, saying that it was provoked by the “serious misinformation” that the US is sending to the “Taiwanese separatists.” Before that, a delegation of six US congressmen arrived on the island to meet with the President of Taiwan, Reuters wrote.
On April 26, US Secretary of State Anthony Blinken said that Washington intends to provide Taiwan with everything necessary to protect Taiwan from any potential aggression, including including from China.
In response, Beijing urged the United States to avoid “wrong signals to separatist forces supporting 'Taiwan independence' so as not to cause serious damage to Sino-US relations, as well as 'peace and stability on both sides'. Taiwan Strait».
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