Thu, 2020-08-13 23:40
SHANGHAI, China: A sharp escalation in tensions with the US has stoked fears in China of a deepening financial war that could result in it being shut out of the global dollar system — a devastating prospect once considered far-fetched but now not impossible.
Chinese officials and economists have in recent months been unusually public in discussing worst-case scenarios under which China is blocked from dollar settlements, or Washington freezes or confiscates a portion of China’s huge US debt holdings.
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