A ransomware attack targeted a US branch of the Industrial and Commercial Bank of China (ICBC), causing disruptions to its systems and impacting liquidity in US Treasuries. ICBC Financial Services, based in New York, reported the incident to law enforcement and is currently investigating and recovering from the cyberattack. The bank assured that its head office in Beijing and other domestic and overseas units were unaffected. ICBC is the largest of China's "Big Four" banks and the world's largest lender by assets. Financial regulators are assessing the consequences of the attack, and some market participants believe it may have contributed to a weak US Treasury bond auction. China, as a major player in the Treasuries market, holds a significant amount of US Treasury securities. Ransomware attacks have become a global concern, impacting companies and public services, and are a priority for the Biden administration.