China eyes to create new banking system to keep financial co-op with Iran
Baku, Azerbaijan, Oct. 29
By Elnur Baghishov – Trend:
Beijing intends to create new banking system in order to continue financial and banking cooperation with Tehran against the possibility of breach of relations between China’s Kunlun Bank and the Iranian businessmen, well informed circles in Beijing told IRNA news agency.
They noted that an alternative system is being created and to date, the experts of the two countries have organized several meetings to flesh out the details.
The Kunlun Bank stated that it does not provide guarantee for banking relations with Iran beginning from November 1 due to the pressures exerted by the US.
The new system will serve as an alternative to Kunlun Bank and will start functioning from November 1 or a little bit later, said the sources.
Meanwhile, the Chamber of Commerce of the Iranians residing in China participating in the meeting between the Iranian and Chinese officials requested to consider their requirements in the new system.
The creation of alternative institutions by China may take a bit more time. Just for this reason, it is forecasted that the launch of the new system will be postponed to 2019.