Iran-China to create new banking mechanism
By Trend
Regarding the possibility of severing ties between Iranian businessmen and Bank of Kunlun, Beijing plans to set up a new banking mechanism to continue its financial and banking cooperation with Tehran, IRNA reports.
Iranian and Chinese experts have so far held various meetings to
discuss developing the new system, reliable sources told in Beijing
on Monday.
Due to US pressures, Bank of Kunlun earlier announced that it will
not guarantee banking ties with Iran from November, according to
sources.
The new system is supposed to start work on November 1 or with some
delay.
Meanwhile, Iran- China Chambers of Commerce and Industries in a
meeting called for defining a new system in a way that problems of
Bank of Kunlun will be solved.
Bank of Kunlun is affiliated with China National Petroleum Corp
with limited exposure to the global financial system.
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