Commentary
While Russia’s war in Ukraine rages, China’s Xi Jinping is watching with interest—especially to the canceling of Russian access to Moscow’s own foreign investments, including hard currencies, which it thought it could use to backstop the invasion.
China, too, invested in foreign assets, including $3.2 trillion in foreign reserves that it has tried to sell over the past few months.
Using these currencies requires the cooperation of banking authorities in the countries from which they came. China’s investment would be vulnerable should the Chinese Communist Party (CCP) decide to commit an international crime, for example, helping Moscow even more than it has, or launching an invasion of Taiwan.
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