China is preparing for a collapse of the dollar while disarming a US sanctions vehicle

As tensions escalate between Washington and Beijing, the Chinese leadership is working to protect its assets from American sanctions.

China is preparing for a collapse of the dollar while disarming a US sanctions vehicle

This was reported by the deputy head of the Chinese Securities Control Committee, Fang Xinghai.

According to him, the task is to prepare for disconnection from the dollar payment system. The official stresses that dependence on the U.S. currency makes China vulnerable to U.S. sanctions.

“We need to prepare well in advance and for real, not just morally”, –  Xinghai said.

However, he voiced a prediction that the dollar will depreciate in the future. That will have a negative impact on China, given that the republic holds approximately $2 trillion in foreign non-financial investments.

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