The US government and its allies have responded to Russia’s attack on Ukraine with far-reaching financial sanctions, including freezing of assets and banning Russian banks from SWIFT. China’s absence from the sanctions may have important implications.
To what extent would Russian entities be able to circumvent the sanctions through China, for instance a Chinese version of SWIFT? Would the sanctions give a boost to the RMB as a reserve currency? More broadly, what longer term impacts would the sanctions have on global financial order as well as on near-term growth and inflation prospects, particularly in emerging markets?
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