U.S. lawmakers fear China is learning all the wrong lessons from Vladimir Putin’s recent invasion.
“And they will start thinking about how they can avoid that fate if they get into similar circumstances,” the senator continued, while also saying China will now be looking very closely at “the whole issue of the dollar as the medium of exchange to the world.”
Powell responded: “Yes to all of the above” and pointed out that China had already been working on an alternative to the SWIFT international payments system, from which several Russia banks were banned Feb. 26 in response to the Ukraine invasion.
Powell said that China’s efforts have “been going on for some time” and acknowledged the Russian invasion and subsequent global economic response “may change the trajectory” of China’s work, the Epoch Times also reported.
