China Renews Focus on Financial Self-Reliance
APLN member Shyam Saran points out that the war in Ukraine has added urgency to its plans to internationalise the yuan and establish an alternative inter-bank messaging service.
If the West cripples Russia, China could be next.” This is a stark warning from a Chinese commentator. There is shock over the freezing, at a stroke, of nearly $300 billion of Russia’s $630 billion of foreign exchange reserves and the cutting off of most Russian banks, including its Central Bank, from the SWIFT inter-bank messaging service through which most international banking transactions are routed.
Read the full article by Shyam Saran here (paywall).