Once you’ve set up such a high-class counterfeiting operation, you might as well use it (via):
China’s relationship with its former satellite North Korea is unravelling fast, underlined by reports yesterday that the People’s Bank of China has frozen all North Korea’s accounts.
South Korean parliamentarian Park Jin said he had learned on a visit to Washington that through its action the Chinese central bank had responded to persistent North Korean counterfeiting of its currency, the yuan.
A spokesman for the People’s Bank of China yesterday declined to deny Mr Park’s claim, saying, however, that the bank had not yet issued a statement confirming the claim. […]
Last year, China also accounted for 53 per cent, worth $2.1 billion, of North Korea’s total trade, while China’s investment in North Korea grew to $133 million.
It is thus almost inevitable that North Korea should extend its global counterfeiting to include China, its most important economic partner, with which it shares a 1400km border — more than six times that between North and South Korea.
China’s currency, slowly appreciating against the US dollar, is also strong and circulates widely throughout the region, where once the greenback was the king of trade. And Chinese goods are highly attractive to North Koreans.
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