Special report | International currencies
China wants to make the yuan a central-bank favourite
And it is playing a trump card in order to achieve it
|10 min read
BETWEEN 2004 AND 2012 BNP Paribas helped funnel $30bn into Sudan, Cuba and Iran, all then under American sanctions. It hid its tracks using a network of “satellite” banks and by stripping payment messages of incriminating references. Whistleblowers tipped off American prosecutors. The bank pleaded guilty, expecting to pay €1.1bn ($1.2bn). It was fined $8.9bn by American authorities in 2014, and the case escalated to a diplomatic row.
This article appeared in the Special report section of the print edition under the headline “Redback on track”
From the May 9th 2020 edition
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