China to resume banking exchange with Iran

By  Trend

The chairman of the joint chamber of commerce of Iran and China announced that the Islamic Republic's bank-related issue has been resolved by the Chinese side.

"A Chinese bank will begin its banking transactions with the Iran from December 2," Asadollah Asgar Oladi, the chairman of the joint chamber of commerce of Iran and China told Tasnim News Agency.

"The sale of Iran's oil to China will begin next week and its money will return within a month," he noted.

"The Chinese side is going to introduce its second bank for dealing with the Iranian side within a month," Asgar Oladi said.

In late October, all Chinese banks suspended their dealings with Tehran in response to the new round of US sanctions against the country.

China’s Bank of Kunlun, which was processing payments to Iran, had earlier called on exporters to settle any unfinished business with Iran. It announced that the bank would no longer guarantee such payments could be made after November.