China prepared to disconnect from dollar payment systems

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 Fang 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 relates to 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 in foreign investment.


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