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China Asks Banks How to Shield Assets From US Sanctions – FT

Chinese officials met with local and foreign banks to discuss how to protect overseas assets from sanctions such as those imposed on Russia for invading Ukraine, the FT said

The US has added another 28 Chinese firms to its trade blacklist.
The latest move to blacklist Chinese and other companies will add to already strained bilateral tensions. Reuters file image.


Chinese authorities held an emergency meeting with senior representatives of large local and foreign banks on April 22 to discuss how to protect overseas assets from sanctions such as those that Washington and its allies imposed on Russia after it invaded Ukraine, the FT reported, citing unnamed sources.

Officials from the People’s Bank of China and the finance ministry attended the meeting, which included HSBC and numerous other foreign banks, the FT reported the sources as saying. The people said China was alerted to the possibility its overseas investment holdings could be at risk after Russia’s assets were seized by the US and its western allies, the story said.

Read the full report: The Financial Times.


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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


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