Banks in China Will Reportedly Stop Doing Business With North Korea

In what could be a huge development, banks in China have been sent a memo stating that they are to stop providing loans and financial services to new and existing customers in the hermit kingdom of North Korea.

This could be a sign that pressure from the Trump administration for China to help stem the flow of money to Kim Jong Un's dictatorship is working.

The document reportedly states 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,”.

China is one of the few remaining allies to North Korea and has urged that all diplomatic options be exhausted in dealing with North Korea before any military action is considered.

Both China and Russia have agreed to UN economic sanctions against North Korea, and this step of pinching the flow of money from China into North Korea could be the start of seeing the Chinese government taking a more active role in dealing with the rogue nation.

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