Looks like China will yield to U.S. sanctions on Iran

Section:

Exclusive: As U.S. Sanctions Loom, China's Bank of Kunlun to Stop Receiving Iran Payments, Sources Say

By Chen Aizhu and Shu Zhang
Reuters
Tuesday, October 23, 2018

BEIJING -- Bank of Kunlun Co., the key Chinese conduit for transactions with Iran, is set to halt handling payments from the Islamic Republic under pressure of imminent U.S. sanctions against the country, four sources familiar with the matter told Reuters.

Kunlun, the main official channel for money flows between China and Iran, has informed clients that it will stop accepting yuan-denominated Iranian payments to China from Nov. 1, said the sources, who include external loan agents and business officials who trade with Iran.

... Dispatch continues below ...



ADVERTISEMENT

Do You Own Gold in the Safest Way?

Do you own gold via an ETF, a digital gold provider, or another form of pooled gold?

Did you know that only a tiny fraction of their gold holdings are effectively available for delivery in coin or bar format at any one time?

GoldCoreGraphic

Direct Access Gold reduces counterparty risk and systemic risk and ensures liquidity, competitive pricing, and outright ownership of investors' gold.

Direct Access Gold protects our clients against certain systemic risks, including cyberwar involving electrical grid & internet outages.

In the event of a technological failure, digital gold or exchange-traded fund providers may become uncontactable and you may not be able to sell or access your gold.

Direct Access Gold gives gold owners the ability, in the event of certain geopolitical, digital, and systemic events, to take delivery or move their gold to a location of their choice.

For key information and a video about Direct Access Gold, please visit:

https://info.goldcore.com/direct-access-gold



The bank, controlled by the financial arm of Chinese state energy group CNPC, had already quietly suspended euro-denominated payments from Iran in late August, the four sources said, declining to be named due to the sensitivity of the matter. ...

... For the remainder of the report:

https://www.reuters.com/article/us-china-iran-banking-kunlun-exclusive/e...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
http://neworleansconference.com/wp-content/uploads/2018/07/NOIC_2018_Pow...

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16