Officials from the Chinese finance ministry and central bank on April 22 met with representatives of dozens of banks, including HSBC, to discuss what Beijing could do in the event of the imposition of severe sanctions on China. The finance ministry noted, in the words of the Financial Times, that “all large foreign and domestic banks operating in China” were present.

Participants concluded Beijing could not protect foreign assets, but the holding of the “emergency meeting” is nonetheless ominous. Chinese officials have seen the effect of sanctions imposed on Russia after it launched its “special military operation” in Ukraine in February, and they are planning to weather any such measures applied to their own country.