A Bank of China report looked at potential measures the United States could take against Chinese banks, including cutting off their access to the SWIFT financial messaging service, a primary network used by banks globally to make financial transactions. Photo: ShutterstockA Bank of China report looked at potential measures the United States could take against Chinese banks, including cutting off their access to the SWIFT financial messaging service, a primary network used by banks globally to make financial transactions. Photo: Shutterstock
A Bank of China report looked at potential measures the United States could take against Chinese banks, including cutting off their access to the SWIFT financial messaging service, a primary network used by banks globally to make financial transactions. Photo: Shutterstock

China’s banks urged to switch away from SWIFT as US sanctions over Hong Kong national security law loom

  • US legislation could penalise banks for serving officials who implement the new national security for Hong Kong
  • China launched the Cross-Border Interbank Payment System (CIPS) clearing and settlement services system in 2015 to help internationalise use of the yuan

Topic |   US-China relations
A Bank of China report looked at potential measures the United States could take against Chinese banks, including cutting off their access to the SWIFT financial messaging service, a primary network used by banks globally to make financial transactions. Photo: ShutterstockA Bank of China report looked at potential measures the United States could take against Chinese banks, including cutting off their access to the SWIFT financial messaging service, a primary network used by banks globally to make financial transactions. Photo: Shutterstock
A Bank of China report looked at potential measures the United States could take against Chinese banks, including cutting off their access to the SWIFT financial messaging service, a primary network used by banks globally to make financial transactions. Photo: Shutterstock
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