In another twist to the ongoing trade war, China warned India not to restrict its Huawei Technologies [HWT.UL] from doing business in the country, sources with the knowledge of the matter were quoted by Reuters.
One of the sources said: “Chinese officials said there could be “reverse sanctions” on Indian firms engaged in business in China should India block Huawei because of pressure from Washington”.
China’s spokeswoman Hua Chunying said in a statement: “Huawei has carried out operations in India for a long time, and has made contributions to the development of Indian society and the economy that is clear to all.”
“On the issue of Chinese enterprises participating in the construction of India’s 5G, we hope the Indian side makes an independent and objective decision, and provides a fair, just and non-discriminatory commercial environment for Chinese enterprises’ investment and operations, to realize the mutual benefit,” Hu added.
USD/INR remains on the back foot ahead of RBI