What I am hearing coming out of China is that Beijing's public stance is not what they are quietly saying behind the scenes. Which is typical. While publicly there are strong statements to ignore the threats, but privately the banks are being told to quietly make accommodations. Do not interfere with existing contracts, but use caution with any new loans by the banks. The last thing China wants is secondary sanctions that could threaten their access to the dollar system. As usual, the Chinese will come up with clever work arounds to avoid any direct implications.
What I am hearing coming out of China is that Beijing's public stance is not what they are quietly saying behind the scenes. Which is typical. While publicly there are strong statements to ignore the threats, but privately the banks are being told to quietly make accommodations. Do not interfere with existing contracts, but use caution with any new loans by the banks. The last thing China wants is secondary sanctions that could threaten their access to the dollar system. As usual, the Chinese will come up with clever work arounds to avoid any direct implications.