Autocracies will be most nervous: they own half of the world’s $20trn pile of reserves and sovereign wealth assets. While China can inflict huge economic costs on the West by blocking supply chains, it is now clear that in the event of a war over Taiwan, the West could freeze China’s $3.3trn reserve pile. Even some democracies like India, which has avoided condemning Russia’s invasion, may worry they are more vulnerable to Western pressure. Over the next decade technological changes could create new payments networks that bypass the Western banking system. China’s digital-currency trial has 261m users. Today it is hard to park trillions of dollars outside Western markets, but in time more countries may seek to diversify their reserves by investing more elsewhere.
Non paywall:
Is this true or western propaganda? There were 6000 Chinese citizens in Ukraine at the start of the conflict a week ago. 2500 have been repatriated in a week. That leaves 3500.
Non paywall:
Is this true or western propaganda? There were 6000 Chinese citizens in Ukraine at the start of the conflict a week ago. 2500 have been repatriated in a week. That leaves 3500.
