China Freezes N. Korean State Bank Accounts

Discussion in 'Current Affairs, News and Analysis' started by Not_Whistlin_Dixie, Jul 25, 2006.

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  1. The North Korean government is reputedly the producer of the world's finest counterfeit US currency. It seems that the Pyongyang regime has diversified into producing bogus Chinese yuan.

    The Chinese don't appear to be amused.

    From The Australian:

    CHINA'S relationship with its former satellite North Korea is unravelling fast, underlined by reports yesterday that the People's Bank of China has frozen all North Korea's accounts.
    South Korean parliamentarian Park Jin said he had learned on a visit to Washington that through its action the Chinese central bank had responded to persistent North Korean counterfeiting of its currency, the yuan.

    A spokesman for the People's Bank of China yesterday declined to deny Mr Park's claim, saying, however, that the bank had not yet issued a statement confirming the claim.

    ...

    China has become North Korea's lifeline for oil and food, and in recent years a source of $1.33billion in annual aid.

    Last year, China also accounted for 53 per cent, worth $2.1 billion, of North Korea's total trade, while China's investment in North Korea grew to $133 million.


    "China freezes out Pyongyang"
    Rowan Callick, China correspondent
    July 25, 2006
    http://www.theaustralian.news.com.au/story/0,20867,19897316-2703,00.html
     
  2. It cant be too long now before the current regime in N Korea comes crashing down. Perhaps the Chinese will look to install a more stable and controlable puppet government
     
  3. Alternatively they'll panic and start throwing their huge army about.
     
  4. The stalinists are pushing there look, they've already isolated themselves from the west and almost starved half the population and now they hoping to do the same with the country what helped place there little regime into power, bloody idiots, or idiot.