Chinese banks cease all business with North Korea
China’s central bank has ordered all Chinese banks to stop all business with North Korea.
Chinese banks have come under scrutiny for their role as a conduit for funds flowing to and from China’s increasingly isolated neighbor. The sources said banks were told to stop providing financial services to new North Korean customers and to wind down loans with existing customers, following tighter sanctions against Pyongyang by the United Nations. The sources said lenders were asked to fully implement United Nations sanctions against North Korea and were warned of the economic losses and reputational risks if they did not do so.
Chinese banks received the document on Monday, the sources said.
It appears that this order only effects new business with North Koreans, which means it can be gotten around, and is somewhat meaningless. At the same time, it appears that China’s is slowly stepping up its pressure on North Korea, which is a good thing.
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China’s central bank has ordered all Chinese banks to stop all business with North Korea.
Chinese banks have come under scrutiny for their role as a conduit for funds flowing to and from China’s increasingly isolated neighbor. The sources said banks were told to stop providing financial services to new North Korean customers and to wind down loans with existing customers, following tighter sanctions against Pyongyang by the United Nations. The sources said lenders were asked to fully implement United Nations sanctions against North Korea and were warned of the economic losses and reputational risks if they did not do so.
Chinese banks received the document on Monday, the sources said.
It appears that this order only effects new business with North Koreans, which means it can be gotten around, and is somewhat meaningless. At the same time, it appears that China’s is slowly stepping up its pressure on North Korea, which is a good thing.
Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
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I’m not sure that this only affects new business; I read “wind down loans with existing customers” to mean to continue receiving loan payments, but don’t issue any new loans.
Of course, the devil is in the details, and this article doesn’t give a whole lot of detail.