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Say, for the sake of the argument, that China (either Koxinga trying to gain strategic depth, or the Qing trying to exterminate the threat from the Chinese diaspora in the Philippines) conquers the Philippines in the late 17th century (both Koxinga and the Qing obviously had the power to).

Now, would Spain continue to sell South American silver to China, or would it launch a blockade until China withdraws? Around this time Spanish America provided around 25% of China's silver.

If it does stop selling silver, how long would this policy last?
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