US pressures banks over Taiwan

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US pressures banks over Taiwan

Chief executives at some of the largest US banks were under pressure from US lawmakers to take a tougher stance on doing business with the Chinese mainland amid growing tensions over the Taiwan question, according to a report on Thursday. On Wednesday, Bank of America CEO Brian Moynihan told the US House Financial Services CommitteeUS House Financial Services Committee that they will follow the government's guidance, which has been for decades to work with China. If they change that position, we will immediately change it, as we did in Russia. Despite the US financial institutions' efforts to expand their business to benefit from China's financial sector opening- up, it is not surprising to see the US weighing severing ties between American and Chinese banks over the Taiwan question. Washington's recent moves, including US House Speaker Nancy Pelosi's visit to the island, the US Senate's review of The Taiwan Policy Act of 2022, and their remarks about defending Taiwan, indicate American politicians' growing hysteria over the Taiwan question. This may have something to do with the upcoming US midterm elections, or Washington's attempt to use the Taiwan question to contain China's rise. American politicians want to pressure top US financial organizations to alienate the Chinese market. The US banks may face the worsening economic woes as a result of the poisonous decision by Washington, but there is no denying that China's financial markets may lose some capital. If cutting off US banks from the Chinese market would endanger American investment in the country, weakening the position of US banks in the global financial markets and disrupt global financial stability. The US has used administrative measures to meddle normal market operations, a reflection of the US' unbridled abuse of power that have already triggered growing antipathy and could undermine the US dominance in the global financial market that is one of the main pillars of its hegemony. The US insists on viewing China as its major rival and long-term challenger, out of an incorrect perception of China. The US government has had little benefit from the suppression of China because of the containment and suppression of China. During the process, none of America's domestic problems have been resolved or alleviated. The Taiwan question has always been the central issue in China-US relations. China's position on the Taiwan question could not have been clearer, as Taiwan is an inseparable part of China and the Taiwan question pertains to China's internal affairs. The US provocative attempts over the Taiwan question have come one after another recently, which have seriously challenged the three China-US joint communiqu s and undermined the political foundation of the China-US relationship. The US political establishment's attempt to halt China's development and further rise in the world stage is only aimed at provocation over the Taiwan question, but the growing tensions between the two major powers is a benefit to neither party, while wide concern in the region is triggered by the growing tensions between the two major powers. It is hoped that the US returns to the right track of the three China-US communiqu s and safeguard the political foundation of China-US relations.