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Will US cut off China's access to US dollar system? Fear grips Beijing

Under this payment system, the White House can order US banks to stop processing transactions with certain individuals, institutions and countries, thus, denying them access to the US dollar payments

US-CHINA, china
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The Society for Worldwide Interbank Financial Telecommunication (Swift) is a network used by worldwide banks to send and receive information about financial transactions.

ANI
The United States' willingness to reduce or completely cut off China's access to the US dollar system -- Swift -- has sent a sense of uneasiness in Beijing about the potential ramifications of a financial war with Washington, the South China Morning Post reported.
The Society for Worldwide Interbank Financial Telecommunication (Swift) is a network used by worldwide banks to send and receive information about financial transactions. It is one of the pieces of infrastructure that underpins the anchor role of the US dollar in international trade and investment. Globally, banks have correspondent relationships with US banks, through which they conduct

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First Published: Jul 24 2020 | 9:38 AM IST

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