Chinese researchers and former officials have long been urging Beijing to make preparations for the worst-case scenario if tensions spiral out of control and the US imposes economic and financial sanctions to isolate Chinese banks and companies from the US dollar-dominated international markets. Photo: Shutterstock
China’s SWIFT joint venture a ‘defensive move’ in US financial war after Alaska talks underlined ongoing tensions
- Belgium-based SWIFT financial messaging service provides a network for financial institutions worldwide to send and receive information about financial transactions
- But some Chinese medium and small-sized banks have reported unstable connectivity to the network, affecting their cross-border transactions
Chinese researchers and former officials have long been urging Beijing to make preparations for the worst-case scenario if tensions spiral out of control and the US imposes economic and financial sanctions to isolate Chinese banks and companies from the US dollar-dominated international markets. Photo: Shutterstock
