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Lai Lai Lai.....Cantonese News Leak on ICBC closing US account
- Thread starter k1976
- Start date
ai xi buay xi.
Very simple really.
USA & West seized assets owned by Russia. Cut off SWIFT from Russia.
But the move was blunted because Putin acted prior to his action against Ukraine.
Putin smart.
.
Now PRC has reduced holdings of assets in USA. Example: Holdings of US debt dropped from 1.3T to about 0.8T and dropping.
PRC is unloading other asset holdings in USA & West as well.
The PRC has already created an alternative to SWIFT and is waiting.
Indeed this ICBC move on the DTCC is but a small step in the right direction.
By the way, the good economic stats released by the PRC recently has been blamed as a reason for the high oil price in the spot market.
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