Reuters is reporting on how China has issued a lengthy rebuttal of what it said were 24 “preposterous allegations” by some leading US politicians over its handling of the new coronavirus outbreak.
Key notes
A 30-page, 11,000-word article posted on the ministry website on Saturday night repeated and expanded on the refutations made during the press briefings, and began by invoking Abraham Lincoln, the 19th century US president.
The article also cited media reports that said Americans had been infected with the virus before the first case was confirmed in Wuhan. There is no evidence to suggest that is the case.
Keen to quash US suggestions that the virus was deliberately created or somehow leaked from the Wuhan Institute of Virology, the article said that all evidence shows the virus is not man-made and that the institute is not capable of synthesising a new coronavirus.
The article also provided a timeline of how China had provided information to the international community in a “timely”, “open and transparent” manner to rebuke US suggestions that it had been slow to sound the alarm.
Despite China’s repeated assurances, concerns about the timeliness of its information have persisted in some quarters.
A report by Der Spiegel magazine last Friday cited Germany’s BND spy agency as saying that China’s initial attempt to hold back information had cost the world four to six weeks that could have been used to fight the virus.
Rejecting suggestions by US President Donald Trump and Pompeo that the new coronavirus should be called the “Chinese virus” or “Wuhan virus”, the article cited documents from the World Health Organization to say the name of a virus should not be country-specific.
Market implications
This follows last week's escalation of trade war rhetoric from the US administration with Trump blaming China’s early handling of the coronavirus outbreak in Wuhan in late 2019 for causing thousands of deaths and millions of job losses in the US. Trump has threatened to terminate the trade deal if China fails to meet its purchase commitments. The US dollar had been elevated on the risks associated with tradewars and the Aussie remains vunerable.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD hovers around 1.0700, eyes on US first-quarter GDP data
EUR/USD hovers around the 1.0700 psychological level on Thursday during the early Thursday. The modest uptick of the major pair is supported by the softer US Dollar. Later in the day, Germany’s GfK Consumer Confidence Survey for April will be released.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.