New Atlanticist
Sep 15, 2020
Don’t believe the SWIFT China sanctions hype
By
Brian O’Toole
A major Chinese state-owned bank, the Bank of China (BOC), in July urged its banks to switch away from SWIFT toward a domestic messaging system because of the threat of US sanctions. Don’t take the warning at face value however, as Beijing’s primary motivation is to promote its own domestic system, rather than any real fear of a SWIFT cut-off.