China and Russia have promoted more transactions in yuan instead of dollars in the wake of the war in Ukraine
The USA are working on sanctions that threaten to cut off some Chinese banks from the global financial system, which officials hope will end Beijing’s commercial support for Russia’s military production, the Wall Street Journal.
As Foreign Secretary Antony Blinken visits China this week, the question is whether this powerful economic threat could hurt China-Russia trade that is allowing Moscow to rebuild its military after losses in Ukraine, the report said.
Blinken on Friday criticized Chinese support for Russia’s defense industry, saying Beijing was a major contributor to Moscow’s war in Ukraine by providing critical weaponry components.
Pressures in China
In recent weeks, US officials have stepped up pressure on China, warning that Washington is poised to crack down on Chinese financial institutions that facilitate trade in goods that have both civilian and military applications.
THE People’s Bank of China and the National Financial Regulatory Agency, China’s top banking regulator, did not immediately respond to Reuters requests for comment.
China and Russia have promoted more transactions in yuan instead of dollars in the wake of the war in Ukraine, an effort that could shield their economies from a possible escalation of US sanctions.
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Tags: Americans threaten Chinese banks Russia Terror Moscow alliance
