5/1, 5:24 AM (Source: TeleTrader)
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Chinese govt meets banks to discuss US sanctions - report

Chinese government officials met with representatives of major banks in an effort to protect domestic assets if the West decides to impose sanctions on China, the Financial Times reported on Sunday. According to sources, Beijing is concerned that, "in the event of a regional military conflict or other crisis," Western allies could decide to use the same measures taken against Russia in its conflict in Ukraine.

The unnamed sources stated the meeting was held on April 22 and involved the Bank of China, representatives of the Chinese Finance Ministry, as well as domestic and foreign private banks. The attendees considered the possibility of China's dollar assets being frozen in case China attacks Taiwan, among other scenarios, the report claimed.

Baha Breaking News (BBN) / DJ