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China must prepare for risks of being cut off from US Dollar payment system: Official

China has to prepare for risks of being severed from the US dollar payment system if Washington imposes sanctions on Beijing that are akin to the ones imposed on Russia, Fang Xinghai, a vice-chairman at the China Securities Regulatory Commission, warned.

According to him, China uses the US dollar payment system for most of its international transactions, making it vulnerable to potential pressure by the US authorities.

“Such things have already happened to many Russian businesses and financial institutions. We have to make preparations early – real preparations, not just psychological preparations,” Fang said as quoted by the South China Morning Post newspaper.

Under the Trump administration, US-China relations have considerably soured, with Washington accusing Beijing of unfair trade practices, human rights violations in some of its regions, and encroachment on the special status of Hong Kong, prompting the talk about potential sanctions against Beijing. China has denied the accusations and, in its turn, pointed to various violations of international law on the part of the United States. 




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