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1 May, 2022 11:50

China summons banks over sanctions fears – media

Beijing wants to shield overseas assets in case of military tensions with Taiwan
China summons banks over sanctions fears – media

The Chinese government reportedly held an internal conference with officials from foreign and local banks as the nation seeks to protect overseas assets from US sanctions over potential military tensions in Taiwan.

The meeting between officials from China’s Central Bank and Finance Ministry, as well as executives from foreign and domestic lenders, was held on April 22, FT reported on Sunday, citing people familiar with the discussion.

“If China attacks Taiwan, decoupling of the Chinese and western economies will be far more severe than [decoupling with] Russia, because China’s economic footprint touches every part of the world,” one of the people briefed on the meeting told the media.

Chinese officials are reportedly worried that penalties similar to those imposed on Russia over the military operation in Ukraine could be introduced against China in the event of a regional military conflict or other crisis.

Beijing has repeatedly criticized the US for maintaining official contact with Taiwan, saying it infringes on China’s sovereignty and territorial integrity, and causes instability in the region. The government of China has also threatened to take the island by force.

Taiwan has been self-governed since 1949, but never formally declared independence from China. Beijing views the island of 23.5 million as a breakaway territory, under its One-China policy.

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