Janet Yellen during an Economic Club of New York event in New York on June 13.

“I think the large banks in China really, really value their correspondent-banking relations, and those are not banks that we most need to worry about,” Yellen told reporters in New York. “It’s smaller banks” that are of more concern, she suggested — though even there, “some of those banks also want to be able to process payments in dollars, do not want to be cut off from the US financial system,” she said.

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