US, China Sign Communication Deal Amid Heightened Tensions on Korean Peninsula

The jump in South Korea's credit default swap premium comes amid a bitter verbal war between the United States and North Korea over Pyongyang's nuclear and missile programs.

The Korean Central News Agency said Tuesday that Kim during an inspection of the KPA's Strategic Forces praised the military for drawing up a "close and careful" plan. "Regardless of whatever twist and turns we could experience, the North Korean nuclear program should absolutely be solved peacefully, and the [South Korean] government and the USA government don't have a different position on this".

"We are very much confused", Moon Jung In, a special policy adviser to South Korean President Moon Jae In, told ABC News on Sunday.

He will then travel to Japan and China.

In what is seen as an effort to pressure China to rein in North Korea's nuclear program, US President Donald Trump signed an executive action that asks his trade office to explore a possible investigation into China for the alleged theft of American technology and intellectual property. Tensions have eased slightly this week following North Korea's announcement to delay the strike.

"To North Korea, this is an historic opportunity".

In response to Pyongyang's latest nuclear missile tests, the world is stepping up sanctions on North Korea with bans on its mining, manufacturing, and seafood exports.

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North Korea's military on Tuesday presented leader Kim Jong Un with plans to launch missiles into waters near the USA territory of Guam and "wring the windpipes of the Yankees", even as both Koreas and the United States signaled their willingness to avert a deepening crisis, with each suggesting a path toward negotiations.

The US-South Korean military exercises are due to start next week. North Korea said last week it is considering launching four missiles to land just short of the U.S. Pacific island territory of Guam.

The two batteries of THAAD missiles were deployed in May before the full installation was halted due to an uproar in Beijing over the presence of the USA missile defense system and radars so close to its border.

This is largely at odds with the harsh measures favoured by the United States to cripple North Korea's nuclear ambitions.

South Korea claimed the halt was to conduct an environmental assessment of the installation area.

General Joseph Dunford (front L), chairman of the US Joint Chiefs of Staff, and his Chinese counterpart General Fang Fenghui, chief of the general staff of the Chinese People's Liberation Army, attend a signing ceremony in Beijing on August 15, 2017.

South Korea's top economic and monetary authorities vowed to take "decisive actions" to stabilize the financial markets if they turn too volatile from geopolitical risks. China has announced a plan to cut off imports of North Korean coal, iron ore and other goods under United Nations sanctions imposed over the North's nuclear and missile programs.

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