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China Cuts Its US Debt to Avoid Russia Sanctions – Nikkei

The freezing of Russian bank assets after the war in Ukraine was a key reason behind China cutting its holdings, Nikkei said


Russian President Vladimir Putin attends a meeting with Chinese President Xi Jinping in Beijing, China February 4, 2022. Sputnik/Aleksey Druzhinin/Kremlin via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
Russian President Vladimir Putin attends a meeting with Chinese President Xi Jinping in Beijing, China, on February 4, 2022.

 

China reduced its holdings of US government debt by 9% in the first seven months of 2022 as it looked to avoid getting caught up in US sanctions on Russia, Nikkei Asia reported.

The freezing of Russian bank assets dealt a big potential blow to Beijing, said its financial authorities the report. Russia and China have since stepped up trade using the yuan, it added.

Read the full report: Nikkei Asia

 

Read more:

US Banks Pressured to Take Tougher Stance on Taiwan,

Investors Losing Confidence on China, EU Chamber Says

China’s Coal Imports From Russia Hit a Peak in August

 

Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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