Reuters Reports China State Banks Stop Doing Business With North Korea

0
Share

Last week, Japan’s major news service reported that China state banks are telling affiliates to stop doing business with North Korea though the hermit republic can still withdraw money. This week Reuters is reporting the same thing.

China’s Central bank has told banks to stop doing business with North Korean customers.

China’s central bank has told banks to strictly implement United Nations sanctions against North Korea, four sources told Reuters, amid U.S. concerns that Beijing has not been tough enough over Pyongyang’s repeated nuclear tests. Chinese banks received the document on Monday, the sources said.

China’s central bank did not immediately respond to a request for comment.

“At present, management of North Korea-related business has become an issue of national-level politics and national security,” according to the document seen by the sources.

The document directed banks to explain to any North Korean customers that “our bank is fulfilling our international obligations and implementing United Nations sanctions against North Korea. As such, we refuse to handle any individual loans connected to North Korea.”

ABC News titled their article: Trump claims Chinese banks won’t do business with North Korea. The Guardian used the same language as did CNN Money. The Independent‘s report agreed with the President’s statement.

Nothing from the NY Times and The Washington Post. CNN wrote the following deep into an article: “Trump indicated ahead of talks with his Japanese and South Korean counterparts that China’s leader Xi Jinping — who was not present this week in New York — had told financial institutions to stop dealing with North Korea. Chinese state media was not yet reporting the decision, and the White House declined to say what the source of Trump’s information was.”

He didn’t simply claim it, according to Reuters, it’s true.

On Thursday, the President issued an executive order that would penalize any company or person doing business with North Korea by either cutting off their access to the U.S. financial system or freezing their assets — or potentially both.

Recent disclosures show North Korea used Chinese banks to process at least $2.2 billion in transactions through the U.S. financial system between 2009 to 2017, according to Ruggiero.

Rocket Man, Kim Jong-un, is threatening to test a hydrogen bomb in the Pacific Ocean in retaliation following the announcement that President Trump’s administration would impose further sanctions on Pyongyang for its missile and nuclear weapons program.

Kim said that he was considering retaliating at the “highest level”, calling Trump a “mentally deranged US dotard”, said he would “pay dearly” for threatening to destroy his regime. The North Korean foreign minister, Ri Yong-ho, suggested Pyongyang could test a powerful nuclear weapon in the Pacific.

“It could be the most powerful detonation of an H-bomb in the Pacific,” Ri, who is due to address the UN general assembly at the weekend, told reporters in New York. “We have no idea about what actions could be taken as it will be ordered by leader Kim Jong-un.”

Trump tweeted on Friday: “Kim Jong Un of North Korea, who is obviously a madman who doesn’t mind starving or killing his people, will be tested like never before!”

Kim said that Trump’s remarks “convinced me, rather than frightening or stopping me, that the path I chose is correct and that it is the one I have to follow to the last.” He described the president as “a rogue and a gangster fond of playing with fire.”

Share