Ransomware Attack on Chinese Bank Causes Brief Disruption in US Treasury Trading
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Ransomware attack on Chinese bank ICBC caused temporary disruption in US Treasury trading, but minimal overall impact.
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Spike in Treasury yields was due to supply/demand imbalance as government borrows heavily, not cyber attack.
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Investors realizing US debt levels unsustainable, raising default risk and hurting demand for Treasuries.
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Foreigners dumping US dollars and assets as inflation erodes value and geopolitics come into play.
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Cyber attacks could exacerbate loss of confidence in dollar, aiding China's goal of undermining US financial dominance.