Reuters reveals U.S. preparing new sanctions on Chinese officials over Hong Kong crackdown; market reacts

Business & FinancePolitical & General

Reuters was first to report that the United States was preparing to impose sanctions on up to 14 Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong. China’s foreign ministry responded to the report by condemning “U.S. interference in China’s domestic affairs through the Hong Kong issue.” The U.S. State Department confirmed the sanctions plan the day after the Reuters report was published.

Market Impact

Following the Reuters report, stock markets in Asia gave up early gains on worries the move may signal a further deterioration in relations between the world’s two largest economies. Chinese financial stocks traded in Hong Kong fell 2.3% in morning trading, their sharpest drop in six months, amid concerns that sanctions could be extended to banks.

Article Tags

Topics of Interest: Business & FinancePolitical & General

Type: Reuters Best

Sectors: Economy & Policy

Regions: AsiaNorth America

Countries: China

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Major Global Story

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Written by Chekmagazine


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