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Beijing Experts Discussed How China Should Deal with U.S. Financial Dominance

On February 1 in Beijing, the Chongyang Financial Research Institute of Renmin University held a new book release conference and forum exploring the theme, "Financial Sanctions: the U.S.’s New Global Asymmetric Power." 

The participants in the forum generally agreed that the U.S. financial hegemony is an exclusive weapon built on its comprehensive national strength. Using this weapon to provide sanctions against other countries is “a massively profitable business without any cost.” It is like "killing people without firing a shot." The difficult situation in Russia is a new example of the United States applying its financial hegemony. In modern society, financial sanctions have become the core of economic sanctions. 
[The experts at the forum believed that] “Facing this situation, China, on the one hand, should not simply oppose the monetary system in which the United States is the center, as it is impossible to change the reality that the Federal Reserve is essentially the equivalent of the World Bank. Instead, China can actively get into the system and make it change the rules so the direction in which it moves is favorable to China. On the other hand, China should establish "infrastructure" in the financial sector and develop a cross-border payment transactions system capable of replacing the SWIFT code. 

Source: China Review News, February 2, 2015