BEIJING - Shares in three large Chinese banks fell Tuesday after a media report said a US judge had found the banks in contempt for refusing to comply with subpoenas related to a North Korean sanction
s violations case.
The order did not explicitly identify the banks but details in the case matched those of three large state-backed Chinese banks: the Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank, the Post reported. The banks did not comply with US subpoenas for information in an investigation into North Korea sanctions violations, the Post reported.
Chinese bank shares led the broader stock market down on Tuesday as investors fretted the latest US broadside against China could imperil trade talks between US President Donald Trump and Chinese leader Xi Jinping at the upcoming G20 summit in Japan.
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