9-11-17

Just in:

Chinese banks are halting transactions with NK. Putin says yes to peace keepers in Donbass. Russia wants dialogue with Qatar and the other Arab states. Saudi King secretly visits Israel right before the visit to Russia. The terrorists and moderate rebels are surrendering and Syria and Jordan are taking over more of the borders. The war in Syria is coming to an end, the Cabal’s plan did not work, the dollar existence is in jeopardy.

PLUS

Confusion in China, latest report is that China was ready to ban trading of cryptocurrencies but none of the trading housing received info about this.The Fed believes that the everyday person is doing well, but it turns out they are not and the wealth is being siphoned up to the wealthy.The next bank in Spain is in trouble, it seems like the domino’s are falling. Citi warns that revenue will be way down. Deutsche bank is reporting that a recession is headed our way. SRSRocco reports that we are at the point of the economy where its primed and ready to crash.

Warning: Economic Breakdown Headed Our Way

The Middle East Has Fallen, Now What Happens To The Dollar? 

Sources X22Report

Chinese bank ban ‘threatens to tighten chokehold’ on trade with North Korea

Beijing has reportedly ordered Chinese state banks to suspend accounts held by North Koreans, a move that could put a tighter stranglehold on trade between the two countries. 

Branch offices of at least three major Chinese banks – Bank of China, China Construction Bank and Agricultural Bank of China – in the border city of Yanji, Jilin province, had suspended transactions through accounts held by North Koreans, Tokyo-based Kyodo News reported on the weekend.

The branch offices in Yanji had also banned North Koreans from opening new accounts, or making deposits or remittances, the report said. 

But the accounts were not yet frozen, allowing the account holders to make withdrawals.

South Korea-based news website DailyNK also said four major Chinese state banks – Industrial and Commercial Bank of China (ICBC), Bank of China, China Construction Bank and Agricultural Bank of China – had banned North Koreans living in China from opening up new accounts and ordered existing accounts to be closed. 

The ban affects all North Koreans on the mainland, from consular officials to labourers and traders.

Chinese analysts said traders might still be able to find loopholes to bypass the ban but China’s decision would batter already weakened trade with its neighbour.

Zhang Liangui, a North Korea specialist at the Central Party School, said big transactions, such as Chinese oil exports to North Korea, would be particularly hard hit because banks were integral to the trade. 

But Lu Chao, director of the Border Study Institute at the Liaoning Academy of Social Sciences, said there were other ways for North Koreans to dodge bank sanctions, including using cash and bartering goods.

“Though these transactions still appear in customs data, they require far less foreign currency,” Lu said.

Beijing’s decision comes as it grows more frustrated with Pyongyang’s nuclear and missile programmes – North Korea conducted a sixth nuclear test about a week ago.

China also faces pressure from the United States to do more to bring North Korea to heel, with calls in Washington for the US to impose “secondary sanctions” on Chinese banks that hold money for companies doing business with North Korea. 

The UN Security Council is expected to vote on Monday a set of new sanctions against North Korea. The US has been pushing for a full ban on oil supplies to the country, North Korea textile exports, North Korean guest workers overseas, as well as an asset freeze.

This is not the first time China has tightened its financial sanctions against North Korea.

Last year, an ICBC branch in the border city of Dandong froze accounts belonging to North Koreans.

In 2013, several Chinese banks, including Bank of China, stopped doing business with Foreign Trade Bank, North Korea’s main foreign exchange bank.

This article appeared in the South China Morning Post print edition as:

Major Chinese banks halt North Korean transactions      SOURCE South China Morning Post

Ban applies across the board but cash and barter system offer ways around the sanctions, analysts say

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