Chinese Foreign Ministry spokeswoman Hua Chunying said the situation on the Korean peninsula was at a crossroads and there were two prospects: the relevant parties could continue to "escalate toward conflict and potential war" or "all sides can cool down and jointly pull the Korean nuclear issue back to a path of political and diplomatic resolution."
With the "path of political and diplomatic resolution" being the course we have followed since 1953. Or perhaps 1949.
The U.S. finally convinced the financial community to remove North Korean banks from SWIFT. It's unclear why any North Korean banks operated within SWIFT after U.N. sanctions were passed in 2013, but that appears to be resolved now.
The Trump administration wants to also remove from SWIFT all Chinese banks that do business with North Korea, but naturally China and much of the financial community are opposed to that.
Even if the U.S. was successful in its attempts to remove Chinese banks from SWIFT, it would just cause more misery for ordinary North Koreans who already have one of the lowest life expectancies in the world. The Kim family has always treated North Koreans as a bank from which it can withdraw assets at any time.
And China's International Payment System (CIPS), an alternative to SWIFT, has substantially reduced the leverage we can use against it. North Koreans banks are able to process all the payments they need through CIPS, with China laundering the funds as needed.