China holds internal meeting with top bank officials amid fears of potential US sanctions

In a key development, China conducted an internal meeting with officials from foreign and domestic banks to examine measures to protect overseas assets from possible sanctions by United States. As per reports, emergency meeting was held on April 22 with officials from finance ministry, China's central bank, as well as international and domestic bank CEOs in attendance. "If China attacks Taiwan, decoupling of Chinese and western economies will be far more severe than [decoupling with] Russia, because China's economic footprint touches every part of world," said one of officials, who attended meeting, to British daily Financial Times, ANI reported.

As per report, ability of Washington and its allies to freeze Russian central bank's dollar holdings h alerted Beijing. Meanwhile, Chinese authorities are concerned that such measures could be used against m in case of a regional armed confrontation or or crises. British daily furr reported that a prospective invasion of Taiwan could trigger US to impose sanctions against China. 

China criticises US for maintaining official ties with Taiwan 

China has often chastised United States for maintaining official ties with Taiwan, claiming that such activities violate China's sovereignty and territorial integrity and contribute to regional instability. Earlier on Friday, April 29, Chinese embassy in Washington stated that situations in Ukraine and Taiwan are fundamentally different, and attempts by US to draw comparisons between m are merely attempting to misle public. Furrmore, it highlighted a "new wave" of tension on island, accusing Biden ministration of using matter of Taiwan's independence to contain China.

Taiwan bolsters ties with US & or democracies to counter Chinese aggression

It is pertinent to mention here that China asserts absolute sovereignty over Taiwan, despite island's self-government for more than seven deces. Taipei, on or hand, has countered Chinese aggression by strengning strategic ties with democracies, particularly United States, which China frequently opposes. Last month, US also approved sale of training and equipment worth up to $95 million (over Rs 700 crores) to support Taiwan's Patriot missile defence system. According to US Defense Security Cooperation Agency (DSCA), package would comprise training, planning, fielding, deployment, operation, maintenance and associated equipment for Patriot Air Defense System.

(With inputs from ANI)

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