The move sparked some speculation and debate, with some arguing that it was a “precautionary measure” against the US cutting off China’s access to SWIFT. Photo: Shutterstock
China’s SWIFT joint venture ‘defensive move’ against US refuted by former bank executive
- The People’s Bank of China last week announced a newly established joint venture with Belgium-based SWIFT financial messaging service and four Chinese institutions
- Concerns have been raised that the United States could cut China off from the US dollar-dominated SWIFT system amid souring relations over Xinjiang and Hong Kong
Follow your favourite topic and get notified
The move sparked some speculation and debate, with some arguing that it was a “precautionary measure” against the US cutting off China’s access to SWIFT. Photo: Shutterstock