Richard Fisher, the former Federal Reserve official and current top advisor at Barclays, said Friday he is looking for China to play a pivotal role in resolving problems on the Korean Peninsula.
Following North Korea's latest missile launch earlier in the day, Fisher said the current U.S. administration's strategy in getting countries to agree on sanctions against North Korea was a "step in the right direction." He acknowledged, however, that recent steps taken by the international community were likely less severe than the White House would've like.
President Donald Trump has used tough language against the North in recent months, most colorfully warning the hermit state it would be "met with fire and fury" if it continued to threaten the U.S. North Korea responded to those remarks by announcing that it was considering a strike on Guam, a U.S. territory. It ultimately stood down on the threat.
One key variable for the fate of the region's geopolitical crisis is the role China plays, said Fisher, a former Dallas Fed president.
"China's the key to success, everybody knows this," Fisher, who also served as deputy U.S. Trade Representative between 1997 and 2001, told CNBC on the sidelines of the Singapore Summit.