News ID: 235456
Published: 0336 GMT December 08, 2018

Iran, China resume banking ties: Source

Iran, China resume banking ties: Source

An informed source at the Iran-China Chamber of Commerce said on Saturday that Tehran and Beijing have resumed banking ties after an Iranian bank started to broker money transfer between the two countries.

The informed source told Mehr News Agency on Saturday that banking ties have resumed between Iran and China.

Given China's exemption from US sanctions on Iran's oil sales for at least three months, China's Bank of Kunlun and other Chinese banks have more leeway in conducting financial transactions with Iran, said the source.

Last week, Asadollah Asgarowladi, the chairman of the Iran-China Chamber of Commerce, said China's Bank of Kunlun would resume financial transactions with Iran in early December.

The Chinese bank, affiliated to China National Petroleum Corporation and in charge of processing payments to Iran, suspended financial transactions between the two sides last month.

Meanwhile, there are speculations that an Iranian bank was named to work with economic agents for financial transactions with China, which may incur lower costs for the Iranian side than working with other banks.

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