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Currency weapon: The US dollar threat is becoming very real for China – Sydney Morning Herald
The US’s willingness to use its dollar’s dominance of global financial activity as a weapon has China nervous.
Banks in Hong Kong, however, arent as sanguine. Some, like Citigroup, acted quickly to close accounts associated with the sanctioned individuals even though Hong Kongs monetary authority said that unilateral sanctions had no legal status in Hong Kong and banks were not obligated to comply with them.
The individuals can respond to the US action by shifting their banking activity to Chinas domestic banks but the willingness of the US to use the dollars dominance of global financial activity to ta…
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