China orders suspension of financial activities with North Korea
South Korean TV channel KBS, citing local sources in Shenyang, reported that the Chinese government has issued a directive to stop financial activities with North Korea until sanctions are lifted.
"This is an order from the Chinese government. Until the embargo on the DPRK is lifted, no currency exchange activities are allowed," the source said.
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| North Korean leader Kim Jong-un and Chinese President Xi Jinping. Photo: Yonhap |
KBS noted that from January to August 2018, trade between China and North Korea fell by 58% compared to last year, and since October 2018, business activities between the two sides have almost completely stopped.
"No one wants to invest in North Korea now. We can't trade either, because the things we trade with each other are covered by sanctions," a Chinese businessman who does business with North Korea told KBS.
China has previously said it will implement UN sanctions against North Korea consistently and supports a "phased, coordinated, step-by-step approach" to achieving denuclearization.
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