Comments regarding the US' Holding Foreign Companies Act from the China Securities Regulatory Commission (CSRC) weekend statement
- the US bill that aims to delist Chinese companies from the US stock exchange is "directly targeting China"
- is grounded in political rather than professional motives
- would force Chinese companies to adhere to US securities law and could potentially delist Chinese companies if passed, while some of its content explicitly targets China.
Via the Global Times, link for more
Another indication of rising US/China strains. As these increase they tend to be a negative input for financial market risk assets (and FX) and supportive of safe haven alternatives. Add it the growing list:
- coronavirus origin and spread
- trade
- tension over new rules from Beijing to be imposed on Hong Kong
- Taiwan
Weekend posts:
- Technical look at the major currency pairs into the new trading week
- MUFG recommends GBP/JPY short trade
- Coronavirus - China 'potent' COVID-19 treatment will likely be ready before a vaccine
- US oil production is falling more steeply than expected
- Russian President Putin has ordered bail out measures for Russia's oil industry
- On the horizon next week - vote in US Congress to sanction China officials over human rights abuse
- China will not back down from "US quickening technology war mongering" - warn of "ample countermeasures"
- The PBOC is expected to cut interest rates, RRR in H2 to support the economy
- US to add 33 Chinese firms, institutions to an economic blacklist - accusation of helping China spy, links to WMDs
- 'Frugal 4' European countries oppose the German/French EUR500 bn fund - propose an emergency fund instead
- US accuses China government of blocking US airlines flying to China
- US administration is suspicious of China nuclear weapon tests - may do so too
- Major indices end mixed. 2nd weekly gain in 3 weeks for the major in
