Xi Jinping's consolidation of power through the early 2026 investigation and later expulsion of Central Military Commission Vice Chairman Zhang Youxia and Joint Staff Department chief Liu Zhenli has shaped trader views on coup risks. Official statements cite corruption, factionalism, and political discipline breaches, while unverified reports referenced a foiled plot involving arrests or nuclear information concerns. The resulting leadership vacuum in the PLA has prompted questions about military cohesion and readiness without producing widely confirmed coup attempts. Analysts note that such purges historically reinforce central control rather than signal imminent challenges, aligning with the market's low implied probability for a qualifying event before 2027 amid tight party oversight of the armed forces.