China is undertaking significant measures to brace for possible future US sanctions, such as those placed on Russia's financial sector, with authorities recently holding an emergency session of domestic and international institutions to discuss how the nation's overseas assets can be best protected. To counter this, China held secret bank meetings to plan for protecting assets from US sanctions.
The FT reported over the weekend that the internal conference was convened on April 22 and was attended by key officials from China's central bank and finance ministry. It has also been reported that representatives from every domestic and Chinese overseas bank, as well as some China-related international institutions, including HSBC, were dispatched. The relatively secretive meeting took place as Russia accuses Washington of plundering $300 billion in assets kept abroad.
The People's Bank of China (PBOC), via Reuters
"Western nations have actually stolen more than 300 b...