China held an emergency meeting with regulators in anticipation of sanctions
The regime is seeking to protect its $3.2trillion in foreign currency reserves
Banking officials from HSBC and other international lenders were invited
The West is said to be considering sanctions in the event China invades Taiwan
China has stepped up military activity in the region as the US held high-level talks with its allies, including the UK, over the possibility of a Chinese invasion
Chinese officials are looking at ways to defend the country from economic attack if the West should look to sanction China in the same way it did Russia — stoking fears the nation is preparing for an invasion of Taiwan. China’s regulators held an emergency meeting on April 22 between officials from China’s central bank, the finance ministry, domestic banks operating within China, and international lenders such as HSBC. The West’s harsh economic sanctions on Russia prompted the emergency meeting, with the Ministry of Finance stating that President Xi’s administration had been put on alert by the surprise dollar freeze. The news comes as the UK and the US held top level talks on how to manage a crisis in Asia, should China invade Taiwan. China claims Taiwan as part of its territory despite the island nation functioning under a separate government since 1949.