China's central bank tells banks to stop doing business with North Korea

NY [U.S.A] September 22: Raising concern over the North Korean missile-tests, Chinese Foreign Minister Wang Yi said that negotiations is the only way to find out the solution and urged the ruling Democratic People's Republic of the Korean Government to not go further in "dangerous direction".

"It is still a diplomatically led effort", he said, pointing to the UN Security Council's recent adoption of two sanctions resolutions against Pyongyang.

Chinese banks have come under scrutiny for their role as a conduit for funds flowing to and from China's increasingly isolated neighbor.

China's central bank did not immediately respond to a request for comment. For more on the real economic impact in China of sanctions on North Korea, see this piece (paywall) in Bloomberg Businessweek.

The Korean peninsula issue must be resolved peacefully, Chinese Foreign Minister Wang Yi stressed during a meeting with his Russian counterpart at the United Nations on Monday. "As such, we refuse to handle any individual loans connected to North Korea".

U.S. President Donald Trump ordered new sanctions on Thursday that open the door wider to blacklisting people and entities doing business with North Korea, including its shipping and trade networks, further tightening the screws on Pyongyang's nuclear and missile program.

China has more than 5,000 companies now doing business with North Korea, the senator said, providing the regime with resources that enable its weapons program.

Threatening action or rhetoric can not help resolve the situation on the Korean peninsula, China's Foreign Ministry said yesterday, after US Defence Secretary James Mattis hinted at the existence of military options on North Korea.

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