US Congress Calls for Sanctions against Chinese BanksVideo

Write : 2017-09-14 08:26:03 Update : 2017-09-15 10:26:38

Anchor: The U.S. Congress is calling for sanctions against more Chinese banks as part of efforts to cut off North Korea's access to the international financial system. The sanctions could trigger a financial and trade war between Washington and Beijing.
Alannah Hill has more.
Report: The U.S. House Foreign Affairs Committee has already submitted to the U.S. government a list of 12 Chinese banks subject to the potential sanctions, including the world's largest bank, Industrial and Commerce Bank of China.
In September 2005, Washington took measures against a Chinese bank when the U.S. Treasury Department designated Banco Delta Asia, a Macau front bank for Pyongyang, a primary money laundering concern. The move proved to be effective as it prompted the North to return to the negotiating table.
The 12 Chinese banks recently targeted by the U.S. are much bigger than Banco Delta Asia.
If Washington actually slaps sanctions against the listed banks, it may create significant financial confusion in China and could possibly trigger a financial and trade war between the two nations.
Talk of the sanctions appear to have reflected the widespread sentiment in the U.S. leaning toward placing as much pressure as possible on China to maximize the effects of sanctions against North Korea.
Under such circumstances, President Donald Trump is likely to visit South Korea, China and Japan before or after the Asia Pacific Economic Cooperation summit in Vietnam set for November tenth.
The leaders of the U.S. and China are expected to clash over the North Korean nuclear issue during Trump's possible visit to Beijing.
Alannah Hill, KBS World Radio News. 

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