Economist says China’s overseas assets at risk as trade war hits boiling point

A former adviser to China’s central bank has voiced grave concerns over the safety of the country’s overseas assets, and urged authorities to make necessary preparations in the wake of unprecedented tariff hikes from US President Donald Trump that could push the rivalry between the world’s two largest economies into the financial sector.
The warning from Yu Yongding, a senior economist at the Chinese Academy of Social Sciences (CASS), came at a forum in Beijing on Wednesday, when Trump had raised new import duties to 84 per cent.
“The US has spared no efforts in weaponising the US dollar,” Yu said.
“Since the trade war is escalating, I am deeply concerned that the conflict could extend to China’s overseas assets.”
Source link