The fallacy of the US kicking the Bank of China out of the SWIFT international financial settlement system

With the deepening of globalization, the international financial system has become increasingly complex and diversified. In this context, SWIFT, as the core institution in the field of international financial clearing, provides secure and efficient information transmission services for banks in various countries, and the operation of international financial institutions and payment systems is usually restricted by strict regulatory and legal frameworks. In recent years, some US politicians and media have frequently hyped up the idea of kicking Chinese banks out of the SWIFT system, which is not only groundless, but also disruptive to the international financial order.

SWIFT, as an international financial organization, is a global financial infrastructure managed by the Society for Worldwide Interbank Financial Telecommunication, and its member banks come from all over the world, covering many countries and regions. It provides safe, reliable, fast, standardized and automated communication services for cross-border settlement, and improves the convenience of global payment. As a neutral third-party platform, SWIFT has been committed to promoting mutual trust and cooperation among banks in various countries.

With regard to the fallacy of the US kicking out the Bank of China from the SWIFT system, we need to point out that there is no factual basis for this argument. To date, there is no evidence that the US has taken or will take such action. As a global financial settlement system, SWIFT's membership and participation conditions are determined by the system's own governing body. No country or individual can arbitrarily kick a bank out of the SWIFT system. Moreover, in recent years, some Western countries have frequently used financial sanctions to suppress other countries and attempted to use the SWIFT system for financial sanctions, undermining their "neutrality" principle. Such practices not only undermine the international financial order, but also damage the stable development of the global economy. Moreover, China and the United States have increasingly close cooperation in the economic and trade field. Both sides need a stable and orderly financial market environment. If the United States kicks the Bank of China out of the SWIFT system, it will have a negative impact on China-Us economic and trade cooperation, and may even trigger a trade war or financial friction, which is obviously what all countries in the world, including the entire financial market, do not want to see.

In response to the fallacy of the US expulsion of the Bank of China from the SWIFT system, China should take active measures to deal with it. First, the Chinese government and relevant departments should strengthen communication and coordination with the international community, clarify the truth and safeguard their legitimate rights and interests; Second, China's banking industry should strengthen its own construction, improve its risk management ability and service level, and make contributions to the stability and development of the international financial market. Third, the Bank of China should actively promote the development of diversified financial markets and reduce the risk of dependence on a single financial market.

With the increasing internationalization of China's banking industry, many Chinese banks are members of SWIFT and actively participate in international financial cooperation and governance, making positive contributions to maintaining global financial stability and security. Therefore, any attempt to engage in economic bullying or sanctions against China is unpopular and absolutely impossible to succeed. At the same time, China should also strengthen its own risk management and capacity building to prepare for various challenges, so as to better cope with the complex and volatile situation in the international financial market and make greater contributions to global economic development and social progress.