China’s SWIFT joint venture ‘defensive move’ against US refuted by former bank executive

A theory that China’s latest joint venture with the SWIFT financial messaging service is a defensive move against the United States has been refuted by a former Chinese bank executive, who insists the move is actually part of efforts to promote the internalisation of the yuan and the development of the nation’s digital currency. Last week, the People’s Bank of China (PBOC) announced a newly established joint venture with Belgium-based SWIFT financial messaging service and four Chinese…

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