US sanctions Chinese firm helping build military base in Cambodia – WSJ
|The Wall Street Journal (WSJ) carries a gated story on Wednesday, citing that the US Treasury Department imposed sanctions on a Chinese state-owned company, accusing it of helping build a military base for Beijing in Cambodia.
Further details
“The US blacklisted China’s state-owned Union Development Group (UDG).”
“The company is responsible for work on behalf of a formerly secret Chinese base for corruption allegations.”
“The action was described by officials as an effort by the Trump administration to more aggressively target companies that are helping Beijing to globally expand its military reach.”
Market implications
Markets ignore the latest US-China tussle, as they remain at the mercy of the US dollar dynamics.
The retreat in the US dollar across its main peers seems to have boded well for AUD/USD, as it refreshes highs above 0.7300.
S&P 500 futures turn positive and look to recapture 3,400 levels.
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