Chinese officials have lowered expectations for progress from US trade negotiations this week since the goodwill has been damaged by US Commerce Department’s blacklisting of 28 Chinese companies.
Yesterday, Washington announced that it would be adding 28 Chinese companies, government offices and security bureaus to a United States blacklist over their alleged role in facilitating human rights abuses in China’s Xinjiang region.
FX implications
The statement has had a limited impact on markets, seeing only some tendencies towards risk assets such as gold spiking $5 on the news. The Yen has also strengthened by 0.15% on the headline.
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