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Beijing looks to save £3.2tln in foreign reserves from sanctions in the event of a military conflict

Chinese officials are looking at ways to defend the country from economic attack if the West should look to sanction China in the same way it did Russia — stoking fears the nation is preparing for an invasion of Taiwan.

China’s regulators held an emergency meeting on April 22 between officials from China’s central bank, the finance ministry, domestic banks operating within China, and international lenders such as HSBC.

The West’s harsh economic sanctions on Russia prompted the emergency meeting, with the Ministry of Finance stating that President Xi’s administration had been put on alert by the surprise dollar freeze.

The news comes as the UK and the US held top level talks on how to manage a crisis in Asia, should China invade Taiwan. 

China claims Taiwan as part of its territory…


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