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
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
