Chinese regulators held an emergency meeting with domestic and foreign banks last month to discuss protecting trillions of dollars in overseas assets from US-led sanctions similar to those imposed on Russia, according to a report.
The Financial Times reports the April 22 meeting between representatives from China’s central bank and finance ministry, and executives from all large banks operating in China, was called because Chinese officials are worried similar action could be taken against Beijing in the event of a regional military conflict.
While the officials and attendees did not mention specific scenarios, according to the report, the most likely trigger for international sanctions is thought to be a Chinese invasion of Taiwan.
The Chinese Communist Party considers the democratic island nation of 24 million as part of China, and President Xi Jinping staked his legacy on “reunification” of the last surviving bastion of the 1949 civil war. News.com
