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"It Would Be An Earthquake" - Three Chinese Banks Tumble After US Threatens To Cut Them Off From SWIFT

By CDM Staff

June 25, 2019

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"It Would Be An Earthquake" - Three Chinese Banks Tumble After US Threatens To Cut Them Off From SWIFT — *Image by* *Georgio*
*China Merchants Bank* et *American International Assurance Buildings* *sur le Bund de* *Shanghai*

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.

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CDM Staff

The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."