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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