Politics

THE VERDICT IS CLEAR – CHINA MUST PREPARE FOR THE WORST – ITS ‘FINANCIAL NUCLEAR BOMBS’ ARE A DETERRENT – BUT RUSSIA SANCTIONS SHOW HOW DIRTY & CORRUPT IS THE U.S. PLAYBOOK – AND HOW DANGEROUS THE HERD MENTALITY OF AMERICA’S EUROPEAN ‘SHEEP’ CAN BECOME

China wary of Russia-type sanctions, but Beijing’s ‘financial nuclear bombs’ are a powerful deterrent Punishing the world’s second-largest economy with destructive financial and economic sanctions – such as expelling China from the international Swift payment system and freezing foreign reserves – had never been publicly considered an option by Washington. But that changed when they were levied against Russia for its invasion of Ukraine. Now, the breadth of those sanctions, and the speed at which they were applied, have given Beijing a glimpse of what it could face if it offers support to Moscow or tries to forcefully reunify Taiwan with the Chinese mainland. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. However, Russia is no China, whose economy is about 10 times larger and much more closely intertwined with the rest of the world. China remains highly dependent on foreign trade and has the world’s largest foreign exchange reserves – worth US$3.25 trillion – much of which is stored in the United States and Europe. “The expansive economic sanctions that US-led Western countries […]


Source link

Leave a Reply

Your email address will not be published.

close