The role of China for North Korea and especially its economy has increased dramatically since the downfall of the Soviet Union. The overwhelming majority of the DPRK’s foreign trade is done with China and, with the shutdown of the Kaesong Industrial Complex, this ratio is likely to further increase.
One of the means for China to increase its influence is its currency: Chinese yuan. In 2004, the central banks of China and North Korea signed an agreement legalizing the use of yuan in trade between two countries. Since then, the role of the yuan in North Korea has increased dramatically.
The role of China for North Korea and especially its economy has increased dramatically since the downfall of the Soviet Union. The overwhelming majority of the DPRK’s foreign trade is done with China and, with the shutdown of the Kaesong Industrial Complex, this ratio is likely to further increase.
One of the means for China to increase its influence is its currency: Chinese yuan. In 2004, the central banks of China and North Korea signed an agreement legalizing the use of yuan in trade between two countries. Since then, the role of the yuan in North Korea has increased dramatically.
Become a member for less
than $5.75 per week.
-
Unlimited access to all of NK News: reporting, investigations,
analysis
-
The NK News Daily Update, an email newsletter to keep you in
the loop
-
Searchable archive of all content, photo galleries, special columns
-
Contact NK News reporters with tips or requests for reporting
Get unlimited access to all NK News content, including original reporting,
investigations, and analyses by our team of DPRK experts.
Subscribe
now
All major cards accepted. No commitments – you can cancel any time.
SHARE
COPY LINK
X
MASTODON
