An emergency meeting convened in China: they discussed protection against American sanctions

Chinese regulators held an emergency meeting with local and international banks, which examined the methods of protecting foreign assets of the PRC from possible US sanctions similar to introduced against Russia (including blocking the assets of the Central Bank of the Russian Federation), reports The Financial Times, citing sources, citing sources, citing sources. aware of the meeting.

At the meeting, according to sources. No specific scenarios were discussed in which sanctions may be imposed on China, but the PRC authorities fear that restrictive measures may apply “in the event of a regional military conflict or other crisis.”

One of the reasons for imposing sanctions, writes FT, there may be an attack by China on Taiwan. In this case, according to one of the interlocutors of the publication, “the separation of the world and Western economies will be much more painful, since the economic influence of China affects the whole world.”

The Chinese economy, one of the sources of the publication said, is not ready for freezing assets abroad or turning off banks from SWIFT, as they did in the case of Russia. “No one at the meeting could come up with a good solution to this problem,” he said. In particular, it was proposed to increase the share of currency revenue, which exporters should sell on the domestic market, as well as cut a quota of 50 thousand dollars, which China citizens can purchase per year to travel abroad or spending outside the country

At the same time, the meeting participants expressed doubt that the United States would generally decide to apply sanctions against China, taking into account the size of the economy of the PRC and close ties with the United States.