Trump’s announcement follows weeks of growing anger toward Beijing within the White House. The president and his advisers have repeatedly blamed the Chinese government for the coronavirus outbreak that began in the country’s Hubei province but that has caused a far greater death toll in the US than China has publicly reported. … [Read more...] about Trump moves to revoke Hong Kong’s trade status, stoking China Rift
Currency manipulation china
HONG KONG: Bankers and investors fear China's push to impose national security laws on Hong Kong threaten the city's future as an international financial centre. If it gets to that stage, Beijing's move will come at a cost for China's economy. WHY DOES CHINA NEED HONG KONG AS IT IS? China still has extensive capital controls and often intervenes in its financial markets and banking system. Hong Kong is one of the world's most open economies and one of the biggest channels for equity and debt financing. The size of Hong Kong's economy may only be the equivalent of 2.7% of mainland China's, down from 18.4% in 1997 when it reverted to Chinese rule, but the territory punches above its weight due to world-class financial and legal systems. As a gateway between China and the West, Hong Kong attracts global capital for China more efficiently than its other cities. HOW IS THAT CHANGING? Under the 'one country, two systems' formula agreed as part of Britain's handover of the territory … [Read more...] about How important is Hong Kong to China as a free finance hub?
“We are not happy with what’s happened,” Trump said Thursday, in response to a question about whether the US would remain in the “phase one” trade deal he signed with Chinese officials in January. Trump’s top economic aide Larry Kudlow told Fox News Friday that the US is “furious” with what China has done “in recent days, weeks and months.” … [Read more...] about US Prez Donald Trump to rebuke China over Hong Kong friction, Covid-19
The joint statement from UK Foreign Secretary Dominic Raab, Australian Foreign Minister Marise Payne, Canadian Foreign Minister François-Philippe Champagne, and US Secretary of State Michael Pompeo issued a deep concern regarding Beijing's decision to impose a national security law in Hong Kong. … [Read more...] about US, UK, Australia, Canada oppose Beijing’s Hong Kong security law; China warns of tough action
Equity markets have had difficulty gauging the pandemic’s impact on earnings. But data on Friday showed a record drop in US consumer spending for the second straight month and the highest-ever saving rate, reflecting high levels of economic uncertainty. … [Read more...] about Global stocks rebound on relief at Trump’s response to China over Hong Kong