US can pull China out of the dollar system, Dragon out of tension

US can pull China out of the dollar system, Dragon out of tension

The US is placing pressure on the dragon one after the other due to a weakening relationship with the corona virus. Now the Trump administration can take China out of the US Dollar System (SWIFT) or cut its link. According to the Chinese newspaper South China Morning Post, there is a tension in Beijing over this potential push by the US.

Globally, banks have ties to US banks from which they perform US dollar transactions. Using this payment system, White House may order U.S. banks to stop transactions from any person , entity or region. The ruling Communist Party of China, which has overshadowed the region of Xinjiang and Hong Kong, is in turmoil these days.

Such fear has grown in China at a time when the US has officially barred Chinese authorities and organizations from torturing Uygar Muslims and threatening Hong Kong independence. Recently, U.S. Secretary of State Mike Pompeo declared a visa ban on some executives of technology firms, including Huawei.