Recently, countries pay attention to the peace and stability of the Taiwan Strait

[Compiled by Guan Shuping/Comprehensive Report] The chief executives of the three major U.S. banks JPMorgan Chase, Bank of America and Citigroup promised at the House Financial Services Committee hearing on the 21st that if China attacks Taiwan, it will withdraw in accordance with the request of the U.S. government China.

JPMorgan, Bank of America and Citi all commit

Republican Rep. Luke Meyer asked at the hearing how they would respond if China invaded Taiwan.

Bank of America's Moynihan, JPMorgan's Dimon and Citigroup's Fraser said they "will follow the government's direction."

Moynihan said the government's directive for decades was to do business with China, "if they change that position, we will change it immediately, just like in Russia".

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After Russia invaded Ukraine, many U.S. banks responded to international sanctions by announcing that they would reduce their Russian operations.

However, China's economy is much larger than Russia's, and many banks have been looking to expand their business there.

By the end of last year, Citi's exposure to China was US$27.3 billion, five times that of Russia. JPMorgan opened a securities joint venture in China in 2011, but it was not fully owned until last year.

Collier, an analyst at Global Resource Partners, a Hong Kong-based market research firm, said that if banks scale back their business in China, there will be no significant gain or loss for either the U.S. or China. "However, it is more symbolic because China is very worried about trade. , decoupling of imports of key products such as semiconductors, so any pressure on the financial sector will send a message to Beijing that worries it.”

House hearing asks banks to condemn Chinese human rights

Lawmakers at the hearing also asked banks to condemn Chinese human rights abuses, Reuters reported, underscoring the growing challenge that big U.S. banks face in balancing commercial interests with pressure from policymakers.

The Financial Times pointed out that the chief executives were hesitant to move forward when they were pressured to support Taiwan and condemn China.

Dimon said, "I believe in liberal democracy everywhere. I don't intend to comment specifically on Taiwan. It is up to the U.S. government to issue a statement on such issues." Fraser said, "'Condemnation' is a very strong word." Human rights violations occur "anywhere in the world," and of course it is very distressing.