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US judge holds three Chinese banks in contempt for refusing to comply with probes into violations of North Korea sanction

A US judge has found three large Chinese banks in contempt for refusing to comply with subpoenas in an investigation into North Korean sanctions violations. The order triggers for the first time a provision that could cut off one of China’s largest banks from the US financial system at the demand of the US attorney general or treasury secretary.The three banks are not identified, but details in court rulings align with a 2017 civil forfeiture action in which the Justice Department alleged that… Source link

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China’s semiconductor catch-up efforts dealt blow by US sanction against mainland chip maker

China’s ambition to accelerate the development of its semiconductor industry received another blow after the US government, citing national security concerns, slapped export restrictions on US companies working with memory chip maker Fujian Jinhua Integrated Circuit Co, which could further heat up the trade war between the world’s two largest economies. The sanction, which was handed down on Monday by the US Department of Commerce, took effect on Tuesday and immediately cut off the Chinese chip firm from its hi-tech suppliers in the US – a trade ban that earlier…

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