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China's Central Bank Tells Banks To Stop Doing Business With North Korea

21 September 2017

Chinese Foreign Minister Wang Yi and his Russian counterpart Sergei Lavrov urged all parties to seek a "peaceful resolution" to the current stand-off with Pyongyang over its nuclear weapons program, the Chinese foreign ministry said in a statement.

He said he wanted North Korea to attend next year's Winter Olympics to be hosted by South Korea.

Another critic of the South Korean initiative, Larry Niksch, a Korea expert formerly with the U.S. Congressional Research Service, said $8 million is a token amount of aid, barely enough to have a significant impact on North Koreans in need.

The United States and South Korea, and separately Russian Federation together with China, started military drills on Wednesday in a show of force against North Korea, which has repeatedly defied the United Nations to conduct nuclear and ballistic missile tests.

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The government will provide $4.5 million through UN's World Food Programme (WFP) and $3.5 million through the UN Children's Fund (UNICEF).

"Today, we estimate that about 200,000 children are affected by acute malnutrition, heightening their risk of death and increasing rates of stunting", Hulshof said.

In a meeting with International Olympic Committee (IOC) President Thomas Bach, Moon said South Korea has always hosted global sports events successfully despite being technically at war with the North, according to a South Korean presidential official. "Food and essential medicines and equipment to treat young children are in short supply".

It is the first humanitarian assistance by Seoul under the Moon Jae-in administration, which took office in May.

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Donald Trump is in NY to attend the United Nations General Assembly, where he will address his first speech on Tuesday as the USA president, while Xi Jinping will not participate this year at the event.

The Unification Ministry, however, said that the actual provision of the funds would be implemented after considering overall situation including the inter-Korean relations.

A United Nations report showed that about 72 percent of the 24.9 million North Koreans are suffering from food shortages and malnutrition.

Seoul and Washington have been united in calling for pressure on the North through sanctions, although conservatives often see the provision of aid as undermining such punitive measures.

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North Korea conducted its sixth and largest nuclear test on September 3 and has launched numerous missiles this year, including two intercontinental ballistic missiles and two other rockets that flew over Japan.

China's Central Bank Tells Banks To Stop Doing Business With North Korea