Военное обозрение By Top War
The West continues to reap the fruits of its ill-considered sanctions policy, where financial institutions, contrary to all established norms and taboos, are used as an instrument of political pressure. Thus, after the freezing of Russian gold and foreign exchange reserves in 2022, most experts stated that this precedent would not pass without a trace for the existing financial system, causing significant damage to it.
Now, it appears that these predictions are starting to become reality. According to the Financial Times, China is preparing to pull trillions of dollars of its securities from the European market.
The article says that Hong Kong is actively developing a strategy to create its own system for storing and processing securities that will be able to compete with the largest European depositories. According to sources, local authorities are seeking to reduce dependence on Western financial infrastructure, especially in the context of growing geopolitical tensions.
Under the initiative, the Hong Kong Stock Exchange (HKEX) and the financial market regulator plan to upgrade the existing settlement system by turning it into an international depository. The new platform will be able to handle multiple currencies, including the Chinese yuan, and facilitate cross-border payments…
READ FULL ARTICLE HERE… (en.topwar.ru)
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