Chinese Economics Thread

supercat

supercat

Major
Tam said:
China has cut dollar usage on cross border trade by 20%.

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China is quite serious about the possibility that its access to the SWIFT may be restricted in the future. As a result, they are actively preparing for such an eventuality right now.
Chinese banks urged to switch away from SWIFT as U.S. sanctions loom
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BEIJING, July 29 (Reuters) - China should prepare for potential U.S. sanctions by increasing use of its own financial messaging network for cross-border transactions in the mainland, Hong Kong and Macau, according to a report from the investment banking unit of Bank of China.

Chinese state lenders have been revamping contingency plans in anticipation of U.S. legislation that could penalise banks for serving officials who implement the new national security for Hong Kong, Reuters reported earlier this month.

Greater use of the Cross-Border Interbank Payment System (CIPS) instead of the Belgium based SWIFT system would also reduce exposure of China's global payments data to the United States, BOC International (BOCI) said in the report, which was co-authored by a former foreign exchange regulator.

The bank's chief economist Guan Tao was previously a director of the international payments department of State Administration of Foreign Exchange (SAFE).

The report looked at potential measures the United States could take against Chinese banks, including cutting off their access to the SWIFT financial messaging service, a primary network used by banks globally to make financial transactions.

"A good punch to the enemy will save yourself from hundreds of punches from your enemies," the report wrote, amid deteriorating relating between the world's two largest economies. "We need to get prepared in advance, mentally and practically."

China launched the CIPS clearing and settlement services system in 2015 to help internationalise use of the yuan. Supervised by the central bank, CIPS said it processed 135.7 billion yuan ($19.4 billion) a day in 2019, with participation from 96 countries and regions.

The report said that if the United States were to take the extreme action of cutting off some Chinese banks' access to dollar settlements, China should also consider stopping using the U.S. dollar as the anchor currency for its foreign exchange controls.

It also recommended that China develop legislation similar to the European Union's Blocking Statute, which allowed the EU to sustain trade and economic relations with Iran, a country targeted by U.S. sanctions.

The chief financial officer of China's Huawei Technologies HWT.UL, the world’s biggest producer of telecoms equipment, is currently fighting against extradition from Canada to the United States, where she is accused of bank fraud for misleading HSBC Holdings Plc HSBA.L about Huawei's relationship with a company operating in Iran, putting HSBC at risk of fines and penalties for breaking U.S. sanctions.
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B

BMEWS

Junior Member
Registered Member
supercat said:
China is quite serious about the possibility that its access to the SWIFT may be restricted in the future. As a result, they are actively preparing for such an eventuality right now.

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Short of war, this is America's attempt to economically sanction and collapse China, although if they dont play the cards right it just might hasten demise of dollar as reserve curreny by 10 years, from 2030 to 2020
 
L

LesAdieux

Junior Member
Huawei overtakes Samsung to be No. 1 smartphone player in the world thanks to China as overseas sales drop
Published Wed, Jul 29 202010:52 PM EDTUpdated 3 Hours Ago
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  • Huawei became the biggest smartphone player in the world in the second quarter for the first time overtaking Samsung and Apple.
  • The Chinese vendor shipped 55.8 million devices, down 5% year on year, according to research firm Canalys.
  • But analyst cast doubt over whether this was sustainable given the fact that over 70% of Huawei’s sales in the second quarter came from China while its overseas markets took a hit.
 
Hendrik_2000

Hendrik_2000

Lieutenant General
Nobonita Barua said:
That's an uighur lady?
I thought all Uighurs look like Angelina Jolie & tom cruise. I mean no disrespect but reading some comment from people of other countries who are worried about Uighur, that's the impression i got that they are some kinda super model every Chinese are running after.
She doesn't seem different than other Chinese.
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Well the original is Uyghur is Mongoloid but since they moved from their homeland in north Mongolia they mixed with the Caucasoid Sogdian and Iranian Saka tribe So they are mixture. Then China occupied Xinjiang for a long time and various Chinese dynasty station troop and civilian in northern Xinjiang and the mix of population is about the same as now 50-50 Later most Chinese left Xinjiang for China proper
So Uyghur face varied from European to Chinese Se if you follow Haplo which male DNA it is more Asian or central Asia But if you follow mitochondria it is more European


A study (2013) based on
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shows that average Uyghurs are closest to other Turkic people in Central Asia and
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. The analysis of the diversity of cytochrome B further suggests Uyghurs are closer to
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and Siberian populations than to various
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groups in West Asia or Europe.
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A study of
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(2013) (therefore the matrilineal genetic contribution) found the frequency of western Eurasian-specific haplogroup in Uyghurs to be 42.6% and East Asian haplogroup to be 57.4%.
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A study based on
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(2005) shows West Eurasian haplogroups in Uyghurs make up 65% to 70% and East Asian haplogroups 30% to 35%.
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