CD Media
Markets

“It Would Be An Earthquake” – Three Chinese Banks Tumble After US Threatens To Cut Them Off From SWIFT

In news that initially did not receive much prominence, on Monday a US judge found three large Chinese banks — reportedly the state-owned Bank of Communications, China Merchants Bank, and Shanghai Pudong Development Bank — in contempt for refusing to comply with subpoenas in an investigation into North Korean sanctions violations. This could open the door for them to be cut off from the US financial system, i.e. SWIFT. 

Should it occur, to say that China will not take that well is as large an understatement as one can conceive of. It would be an earthquake”, commented Rabobank’s Michael Every…

To read more visit Zero Hedge.

Related posts

Bank Of Russia Reduces Interest Rates As Inflation Under Control

CD Media Staff

Pandemic Pushes Russia’s Gold Reserves Above U.S. Dollars For First Ever Time

CD Media Staff

Stocks Higher On Continued Trade Optimism, Consumer Confidence Stays Strong

CD Media Staff

Leave a Comment

Subscribe to our evening newsletter to stay informed during these challenging times!!