China has prepared to disconnect from dollar payment systems

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US, WASHINGTON (ORDO NEWS) — China is vulnerable to US sanctions due to the country’s dependence on systems in dollar settlements.

This is the opinion of Fan Xinghai, head of the PRC Securities Control Committee. According to him, China needs to prepare in advance for the shutdown, and this is not only a psychological factor.

It is emphasized that the issue concerns the CHIPS Interbank Electronic Clearing Settlement System and the SWIFT Information Transfer and Payment System. Xinghai did not rule out that in the future the US dollar will depreciate, which will have a bad effect on the Chinese economy, since China has about 2 trillion US dollars in foreign investment.


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