On the horizon next week – vote in US Congress to sanction China officials over human rights abuse

The US House (lower house of the Congress) plans to vote next week on moves to impose sanctions on Chinese officials over human rights abuses against Muslim minorities

  • the bill was approved by the Senate on May 14
This is in relation to the internment of more than 1 million Uighurs and members of other Muslim minority groups in the Xinjiang region of China
This is 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, recent examples:
  • China will not back down from “US quickening technology war mongering” – warn of “ample countermeasures”
  • US to add 33 Chinese firms, institutions to an economic blacklist – accusation of helping China spy, links to WMDs
  • US accuses China government of blocking US airlines flying to China
  • US administration is suspicious of China nuclear weapon tests – may do so too

And, of course:

  • coronavirus origin and spread
  • trade
  • tension over new rules from Beijing to be imposed on Hong Kong
  • Taiwan
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