China bank stocks fall on possible US action linked to North Korea

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BEIJING: Shares in three large Chinese banks fell on Tuesday (Jun 25) after a media report said a US judge had found the banks in contempt for ...

BEIJING: Shares in three large Chinese banks fell on Tuesday after a media report said a US judge had found the banks in contempt for refusing to comply with subpoenas related to a North Korean sanctions violations case.

Shares of the Bank of Communications slipped 3.02 per cent to 6.10 yuan, China Merchants Bank fell 4.82 per cent to 36.13 yuan and Shanghai Pudong Development Bank sank 3.08 per cent to 11.66 yuan. The order could allow the US attorney general or Treasury secretary to cut off Shanghai Pudong Development Bank's access to dollars - crucial for its ability to operate globally, the report said.Chinese bank shares led the broader stock market down on Tuesday as investors fretted the latest US broadside against China could imperil trade talks between US President Donald Trump and Chinese leader Xi Jinping at the upcoming G20 summit in Japan.

 

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