Financial Security: Lian Ping on US Sanctions, SWIFT and De-Dollarisation

"Financial sanctions and countermeasures will probably become one of the key battlegrounds in the next phase of strategic competition between China and the United States."

Today’s edition opens with an introduction by Bert Hofman, Professor at the National University of Singapore’s East Asian Institute. Before joining NUS, Bert worked at the World Bank for 27 years, serving as Country Director for China (2014–2019), Country Economist (2004–2008) and Chief Economist for East Asia and the Pacific (2011–2014). He recently co-authored a report with Johannes Petry entitled “Internationalization of the RMB: Status, Options and Risks”. Many thanks to him for contributing to this newsletter and sharing his insights. For more of his thoughtful analysis, I highly recommend subscribing to his Substack. — Thomas

The international role of the Renminbi (RMB) has regained attention in recent years. At the Lujiazui Forum in Shanghai in June, central bank governor Pan Gongsheng reinforced the message that China is seeking a larger role in the international monetary system, including through greater use of its currency, the RMB. Sixteen years ago, former governor Zhou Xia…