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In an editorial piece by China Daily, the Chinese media outlet slams the US’ approval of the Tik Tok-Oracle agreement, calling it a ‘dirty and unfair’ deal, adding that Beijing has no intention to approve such a deal that is based on “bullying and extortion”.

Key quotes

“What the United States has done to TikTok is almost the same as a gangster forcing an unreasonable and unfair business deal on a legitimate company.”

“National security has become the weapon of choice for … Washington when it wants to curb the rise of any companies from foreign countries that are out-performing their US peers.”

“China as a big country will not accept blackmail from the US Nor will it hand over control of an outstanding high-tech Chinese company to extortionists.” 

Market reaction

The risk sentiment remains tepid amid the coronavirus resurgence in Europe and renewed US-China tensions. The greenback continues to benefit from increased haven demand when compared to its main rivals.

The higher-yielding aussie got hammered amid risk-aversion and RBA rate cut calls, with AUD/USD now meandering near six-week lows of 0.7127. The spot is down 0.61% on the day.