China's banks tighten payment checks after U.S. election
Credit organizations of the People's Republic of China have introduced additional compliance of payments from many countries, Alexei Poroshin, CEO of First Group JSC, told Izvestia. According to him, they include the UAE, India and Hong Kong, among others. The situation with sending money to the PRC through these states has really worsened and will remain so for the coming months. This is due to the past elections in the US.
Chinese banks are waiting to see how the U.S. regulator will behave, and are reinsuring themselves, explained Alexei Poroshin. In addition, while the Democrats are still in power, they are trying to "tighten the screws" as much as possible.
The tendency to tighten checks on payments to China through other countries (including Hong Kong, India and the UAE) was also confirmed by Ekaterina Kizevich, general director of the importer Atvira, an expert practitioner of foreign economic activity.
The situation with payments to China is unlikely to improve in 2025, believes Alexei Poroshin from JSC First Group. He explained: Donald Trump has already "declared war" on China, so we can expect more "squeezing" of local banks. The elections in the United States directly affect the situation with transactions, agreed Alexei Razumovsky, commercial director of Impaya Rus.
However, there are still options for sending payments to China, said Alexei Poroshin. For example, there are still direct transactions from regional Russian banks to Chinese banks. Also in payments from Russia to China began to use digital currencies.
Read more in the exclusive material of Izvestia:
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