Chinese banks restrict Iran business

Chinese state banks have become the latest financial institutions to refuse loans to Iranian businessmen, amid US pressure to cut business with Iran, a newspaper reported on Monday. The United States has been pushing European and Asian banks to sever links with Iran in a bid to step up the pressure on Tehran over its controversial nuclear programme.
"Chinese state banks have refused to open letters of credit for Iranian businessmen in the past week," the reformist Etemad newspaper quoted Asadollah Asgaroladi, head of the Iran-China chamber of commerce, as saying.
"The banks have not given any reason for these restrictions yet," he said, adding a trade delegation from the chamber was currently in Beijing "for talks over the banking problems between the two countries." "The Iranian central bank is also negotiating with the Chinese side to resolve this issue," he added.