China says no to financial sanctions on Russia

China will not impose financial sanctions on Russia and will continue to have normal economic, trade and financial exchanges with the parties concerned, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said on Wednesday.

"We disapprove of imposing financial sanctions on Russia, especially unilateral sanctions, as they don't work well and don't have much legal basis," Guo said at a news conference held by the State Council Information Office.

"The sanctions' economic and financial impact on China is not significant for now and requires further observation. But we believe the overall impact will not be huge because the Chinese economy and finance demonstrate tremendous stability and strong resilience," he said.