China cuts it U.S. debt portfolio to under $1 trillion, possibly to support its currency or reduce exposure to potential U.S. sanctions.
Probably not, but Russia and China are likely to keep looking for ways to avoid U.S.-controlled financial infrastructure.
It allows financial institutions around the world to communicate quickly and efficiently. Seven Russian banks are being banned from the system.
China’s system is known as the Cross-Border Interbank Payments System, or CIPS for short.
Being cut off from the SWIFT system means Russian banks can’t legally or efficiently execute transactions.
