U.S. banks and other companies should carefully assess their exposure to China and develop contingency plans in case Beijing invades Taiwan, a move that is likely to trigger sweeping Western sanctions, former U.S. officials told an ACAMS-hosted conference Wednesday. Beijing views Taiwan as a breakaway province and has not ruled out using military force to gain control of the island. China has launched cyberattacks to pressure its neighbor, and U.S. military officials have told Congress that Beijing’s forces are conducting sophisticated dress rehearsals for an attack. China has also been selling U.S. treasuries and buying gold to try to sanction-proof...
Simmering tensions between China and the U.S. have left global banks with economic interests in both countries following the old adage: Hope for the best, prepare for the worst.
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