Nearly all Chinese banks are refusing to process payments from Russia, report says
The impact of the West's sanctions just seems to be getting worse and worse for Russia.
Now, 98% of Chinese banks — even small regional ones — are refusing to accept direct Chinese payment transfers from Russia, Alexey Razumovsky, the commercial director of the payments company Impaya Rus, told the pro-Kremlin media outlet Izvestia.
Such issues appear to have intensified over the past three weeks, as smaller Chinese financial companies were still processing Russian payments in May and June, Izvestia reported.
Last month, the Russian outlet Kommersant reported that about 80% of bank transfers made in the Chinese yuan were bouncing back with no explanation after being stalled for weeks while banks decided whether they could transact.
Razumovsky told Izvestia the payment challenges with Chinese banks could contribute to supply-chain difficulties and inflation in Russia.
There is a rumor that a coup had placed Xi under house arrest and had silently taken over the country a few weeks ago. Normally rumors don’t mean anything in most countries. But this is China where anyone speaking out against their leader would mean you’d get “disappeared”.
Supposedly the coup plotters don’t like the direction China has taken and want a return to good relations with the West when everyone was making money.
Moving away from relations with Russia could be a sign of this.
Those rumours have been around for years, every time he drops out of public view for a while
The rumour of coups against Xi always comes and goes. There was rumour of Xi being arrested as well during COVID.
You never hear rumors of them just taking a break. It's always some distraction happening that are almost always never true.
This is from July, but there's definitely financial shenanigans going on. And if the Chinese economy tanks... https://essanews.com/chinas-banking-turmoil-40-banks-vanish-as-crisis-deepens,7047618605385345a
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