Xi Jinping has consolidated authority over the People’s Liberation Army through repeated high-level purges, including the 2026 removal and expulsion of Central Military Commission Vice Chairman Zhang Youxia and Joint Staff Department Chief Liu Zhenli on charges of factionalism, corruption, and political disloyalty. These actions followed earlier rumors of internal friction over Taiwan policy and military readiness timelines. No coordinated coup attempt by military, security, or state actors has been confirmed by credible independent reporting in the current period. The market’s low implied probability reflects the absence of verifiable plots, tight party oversight of the armed forces, and historical patterns of swift suppression of dissent within the leadership. Scheduled military and party meetings through 2027 could surface further personnel changes but have not yet produced signals that would shift trader assessments.