Yu Yongding, a former member of the monetary policy committee of the People’s Bank of China, said on Wednesday that President Xi Jinping’s strategy of focusing on the domestic market to hedge against a hostile external environment is the right choice in light of sanctions risks. Photo: Bloomberg Yu Yongding, a former member of the monetary policy committee of the People’s Bank of China, said on Wednesday that President Xi Jinping’s strategy of focusing on the domestic market to hedge against a hostile external environment is the right choice in light of sanctions risks. Photo: Bloomberg
Yu Yongding, a former member of the monetary policy committee of the People’s Bank of China, said on Wednesday that President Xi Jinping’s strategy of focusing on the domestic market to hedge against a hostile external environment is the right choice in light of sanctions risks. Photo: Bloomberg
Economy /  China Economy

US sanctions: economist Yu Yongding flags risk of Chinese bank assets being seized overseas

  • Financial sanctions could come in any form, so Beijing must be prepared for worst-case scenario, says Yu Yongding, a former adviser to China’s central bank
  • A precedent was set in 2012 when Bank of Kunlun was cut off from the dollar payment system, suffocating its cross-border business

Topic |   US-China decoupling
Frank Tang
Frank Tang in Beijing

Updated: 6:50am, 13 Aug, 2020

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Yu Yongding, a former member of the monetary policy committee of the People’s Bank of China, said on Wednesday that President Xi Jinping’s strategy of focusing on the domestic market to hedge against a hostile external environment is the right choice in light of sanctions risks. Photo: Bloomberg Yu Yongding, a former member of the monetary policy committee of the People’s Bank of China, said on Wednesday that President Xi Jinping’s strategy of focusing on the domestic market to hedge against a hostile external environment is the right choice in light of sanctions risks. Photo: Bloomberg
Yu Yongding, a former member of the monetary policy committee of the People’s Bank of China, said on Wednesday that President Xi Jinping’s strategy of focusing on the domestic market to hedge against a hostile external environment is the right choice in light of sanctions risks. Photo: Bloomberg
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