China warned to prepare for being cut off from US dollar payment system

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China must prepare for the risks of being cut off from the US dollar payment system in case the United States sanctions Chinese companies and banks, just like Washington did with Russian institutions, a senior Chinese financial regulator said on Monday.
Fang Xinghai, a vice-chairman at the China Securities Regulatory Commission, said that as China mainly relies on the US dollar payment system in international deals, it makes it vulnerable to possible US sanctions.

www.scmp.com/economy/china-economy/article/3090119/china-warned-prepare-being-cut-us-dollar-payment-system-part

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