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China on Saturday accused the Trump administration of attempting to suppress foreign companies, as the New York Stock Exchange moved to delist three China-based firms.
Wang Yi, China s foreign minister, said Trump s economic policies amount to an attempt to suppress China and start a new Cold War. This kind of abuse of national security and state power to suppress Chinese firms does not comply with market rules and violates market logic, a spokesperson for the Chinese Ministry of Commerce said in a statement, according to Reuters.
China on Saturday accused the Trump administration of attempting to suppress foreign companies, as the New York Stock Exchange moved to delist three China-based firms.
As widely expected, US president Donald Trump has signed a law under which Chinese companies could be removed from American stock exchanges if they fail to comply with US auditing oversight rules
On December 28, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“
FAQs”) that clarify the scope of Executive Order (“
E.O.”) 13959, the basis for OFAC’s new Chinese Military Companies sanctions program. These FAQs define key terms and clarify how OFAC will interpret E.O. 13959’s prohibition against U.S. investment in the securities of Communist Chinese Military Companies (“
CCMCs”), which goes into effect on January 11, 2021. In general, like previous sanctions programs, the new FAQs show that OFAC will read commonly used terms much more broadly than their common usage might suggest. Now that OFAC has clarified its stance on E.O. 13959, those operating in the investment management sector, especially banks, broker-dealers, investment advisers, and funds should review their assets to determine whether E.O. 13959 could affect their operations. The FAQs represent a Trump Administration decision to continue an aggressive approach toward CCMCs, a
George Magnus December 31, 2020 09:19
Relations between the United States and China are at perhaps their lowest ebb since they were normalized in 1979. Yet, when it comes to finance, competition is only part of the story. While the US government is pursuing financial sanctions against China, American financial firms are lining up to do more business there – and China is more than happy to welcome them. Will this disconnect persist under President-elect Joe Biden?
Over the last four years, US President Donald Trump’s administration has often employed financial levers in its clash with China. For example, it has taken action to block federal government pension plans from investing in Chinese equities, and enacted sanctions against Chinese officials in Xinjiang Province (over human-rights violations) and Hong Kong (over the mainland government’s introduction of draconian national security legislation).