China Kicked out of SWIFT? This Might Be the CCP’s Greatest Financial Setback, Leaving Xi Uneasy

China Observer
China Observer
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Publicado 2024-05-08
Once Russia's use of chemical weapons is confirmed by the international community, China will be hard-pressed to avoid blame and will inevitably incur more severe sanctions. By then, it’s possible that Chinese banks will be banned from using the international SWIFT banking system. Senior officials at the White House revealed that the Biden administration is considering cutting off some Chinese banks' access to the system.
If this happens, the impact would be unimaginable. Since its establishment in 1973, this institution based in Belgium has played the role of behind-the-scenes manipulator of global financial transactions. Today, more than 11,000 financial institutions in over 200 countries and regions are connected to the SWIFT network, processing up to 40 million transactions per day. As the world's second-largest economy and a major trading nation, more than half of China's foreign payments and settlements rely on the SWIFT system. It can be said that China's economic lifeline is closely linked to this Western-dominated financial infrastructure, and the consequences of a sudden separation would be disastrous.
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Todos los comentarios (21)
  • @KimEmpire
    Boycott all goods from China, a populous country with many ambitions, they have even demanded to occupy Russia's Lake Baikal. Once it becomes stronger and has the ability to threaten the United States, it will try to take everything. All the good things in this world.
  • @xyzern7
    who would have thought that trying to control every facet of the country would destroy the economy
  • @mizpike1683
    It amazes me that they’re so surprised that no one wants to do business with them! They’ve threatened everyone ffs!😐
  • @fba90130
    Decoupling should happen for global economic interest. For too long China had tied up investments to other countries which may develop to become competitive producers of goods. China should not come anywhere close to monopolizing global production.
  • @animejanai4657
    One problem China has with its currency is that some currency notes have been found to have duplicate serial numbers. They are not counterfeit notes as they were printed by the same Chinese government agency that prints the official currency notes. It is possible that such types of currency printing could fool international bankers and governments from correct evaluation of chinese currency exchange rates via the SWIFT currency debt resolution system.
  • @Oldfogey2014
    I’m surprised they haven’t included companies that supplies chemicals for fentanyl manufacture to Mexican drug cartels.
  • @Ukie88
    And comrade tricky Xi is smiling his way through Europe saying, WHO ME?
  • @Spartan1312
    5000 chips per EV... with the limited lifespan on chips that seems like 5000 ways for your car to break.
  • @midbc1midbc199
    Realistically China can only grow about 18% of the food they eat.......mostly due to the CCP driving farmers off their land and the land and water quality is too poor in a lot of areas that were futile farmland before flooding and pollution from factories
  • @davidholder3207
    Its not steaing & copying that makes a nation great. Its free enterprise capitalism as an economic system to end hunger, poverty, and extreme poverty across the globe.
  • @scarletblaze
    If China got kicked out of SWIFT, how am I supposed to pay for Temu, Aliexpress junk with?
  • @OM-bs7of
    Banning China from Swift would be a mistake. More incentive for them to expedite its BRICS and CBDC efforts
  • @mrbenwong86
    Many chinese business established an office in HK and trade in HK, probably not because of SWIFT, but have extra flexibility due to tight currency control in China. Many HK based business that forseen the possible US sanction, also established a company (not even office) in Singapore and do their banking in Singapore.
  • @ourfarmhouseinspain
    The Chinese export industry is dependent almost entirely on the container handling cranes at the major ports, isnt it ? If the Chinese seriously threaten or even attack Taiwan, a relatively few missiles would ensure those crane operations would cease for at least a couple of years, and vital ship movements at the same time would also cease without cargoes. The export industry would be dead in the water for years for the price of some missiles launched from ships or aircraft hundreds of miles away. Or rather less, if launched from Taiwan's territory .......
  • @joelaichner3025
    SPSF , equivalent to SWIFT , China , Russia , and many other countries also use that to transfer money
  • @freeman10000
    On a bit of a tangent here. I love the SWIFT logo, fabulous retro Twentieth Century vibes.