Insight: North Korean economy surrenders to foreign currency invasion




 
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Insight: North Korean economy surrenders to foreign currency invasion
 
June 3rd, 2013  
News Manager
 

Topic: Insight: North Korean economy surrenders to foreign currency invasion


Insight: North Korean economy surrenders to foreign currency invasion
By John Ruwitch and Ju-min Park CHANGBAI, China/SEOUL (Reuters) - Chinese currency and U.S. dollars are being used more widely than ever in North Korea instead of the country's own money, a stark illustration of the extent to which the leadership under Kim Jong-un has lost control over the economy. The use of dollars and Chinese yuan, or renminbi, has accelerated since a disastrous revaluation of the North Korean won in 2009 wiped out the savings of millions of people, said experts on the country, defectors and Chinese border traders. ...




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