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China’s banks urged to switch away from SWIFT as US sanctions over Hong Kong national security law loom

Summary:
[unable to retrieve full-text content]China should prepare for potential sanctions by the United States 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 the Bank of China.Chinese state lenders have been revamping contingency plans in anticipation of US legislation that could penalise banks for serving officials who implement the new national security law for Hong Kong.Greater use of the Cross-Border…

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[unable to retrieve full-text content]
China should prepare for potential sanctions by the United States 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 the Bank of China.Chinese state lenders have been revamping contingency plans in anticipation of US legislation that could penalise banks for serving officials who implement the new national security law for Hong Kong.Greater use of the Cross-Border…
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