Cutting off China’s larger banks from dollar transactions could trigger a cascade of effects that would disrupt the world economy. Photo: Reuters

US judge holds three Chinese banks in contempt for refusing to comply with probes into violations of North Korea sanction

  • According to court rulings in a 2017 civil forfeiture action, the banks were Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank
  • Pudong Bank stands at risk of losing access to US dollars, the lifeblood of global finance
Topic |   Banking & Finance

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Cutting off China’s larger banks from dollar transactions could trigger a cascade of effects that would disrupt the world economy. Photo: Reuters
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