SVB Collapse: Would the US Help Chinese Drugmakers? | China In Focus

SVB Collapse: Would the US Help Chinese Drugmakers? | China In Focus​

Silicon Valley Bank's #collapse is rippling into China. Thousands of Chinese companies are listed among the bank's #clients—with over $240 million in assets on the line—and 57 are on a special list belonging to the Chinese Communist Party. Those same companies fall under the "foreign depositors" category that the United States is set to protect. Sen. Marco Rubio (R-Fla.) penned a letter to Treasury Secretary Janet Yellen, expressing concern over handouts to the Chinese regime. Estimates say the bank had nearly $14 billion of uninsured foreign deposits.