China targeted the Fed for more than a decade, Senate report finds

The findings by Republican staff members of the Homeland Security and Governmental Affairs Committee allege that China exploited Fed employees’ openness to academic collaboration to establish long-standing relationships with people privy to nonpublic information about economic policy or interest rate changes. In some cases, Chinese officials resorted to threats and intimidation to exact desired information, at one point repeatedly detaining a Fed employee.

“Because we understand that some actors aim to exploit any vulnerabilities, our processes, controls, and technology are robust and updated regularly. We respectfully reject any suggestions to the contrary,” Powell wrote. The report spelled out an aggressive campaign to elicit confidential information. One unnamed Fed employee was detained in Shanghai four times during a 2019 trip, during which Chinese officials threatened his family, told him his phone was being monitored and pressed him to sign a nondisclosure agreement.In the first meeting, the worker was accused of crimes against China and ordered to “say good things about China” while in the United States.

Several Fed employees were found to have ties to China’s central bank, while others maintained close contacts with university-centered talent recruitment programs. Another U.S. employee corresponded with Chinese state-owned media.

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