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