P. M. BRIEFING : China Plans Tokyo Bank Boycott
China’s central bank has ordered the nation’s financial institutions to stop dealing with the Bank of Tokyo to punish it for opening an office in Taiwan, Kyodo News Service reported today.
The agency quoted “international financial sources” as saying the People’s Bank of China is making the move mainly to frighten other Japanese banks away from Taiwan and also to punish Japanese banks for not providing loans over the last year.
Japan and Western governments suspended new official credits last June to protest a military crackdown on student-led protest, and most Japanese commercial banks have followed suit.
A spokesman for the Bank of Tokyo said it plans to go ahead with its operation in Taipei despite the criticism.
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