Chinese RMB has become the main currency for transactions
Economic reliance on China is not limited to trade between the two countries.
Our reporting partner researched a market in north Hamkyung province, reporting, “All industrial products and clothes are traded using Chinese currency. While the authorities want to crack down on the usage of foreign currency, it is difficult for them to push to hard as the Chinese currency has become the trading currency. People also use Chinese RMB to make bribes to officials.”
Another person our reporting partner spoke with suggested that Chinese sanctions would have little effect on the North Korean local economy due to the autonomous nature of the grassroots markets,
“Most people do not receive rations from the government anymore. They manage their lives by doing business. There would be no impact on the economy even if China decides to enforce economic sanctions.”
The Kim Jong-un regime gave warning that the DPRK would launch a rocket at some point from February 8 to 25. If launched, the international community has already stated that UN sanctions will be strengthened.
* Editor’s notes on North Korean reporters
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