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Analysts at TD Securities note that  China has threatened to retaliate if the US Congress passes a bill that would support pro-democracy protesters in Hong Kong.

Key Quotes

“This came after the House passed a bill that would mandate an annual review to determine Hong Kong’s autonomy from the mainland Chinese government to justify its special trading status under U.S. law.”

“The bill also provides for sanctions against officials “responsible for undermining fundamental freedoms and autonomy in Hong Kong.” This announcement sent US futures lower and capped gains in equities.”