**Recent high-level purges in China’s People’s Liberation Army have shaped trader views on coup-related markets.** In September 2026, the Communist Party expelled former Central Military Commission Vice Chairman Zhang Youxia and Joint Staff Department Chief Liu Zhenli for factionalism, disloyalty, and serious violations of discipline, extending Xi Jinping’s long-running anti-corruption campaign into his inner circle. These moves followed earlier unverified reports of internal military friction, including speculation around Taiwan planning and leaks, but produced no confirmed coordinated effort by security forces or state actors to seize power. Xi’s consolidation of authority, combined with directives emphasizing stability and risk prevention ahead of the 2027 party congress, has kept the consensus probability low. Markets price in the structural barriers to such an event while noting that further leadership changes or policy disputes could still surface within the resolution window.