Chinese theft of trade secrets on the rise, the US Justice Department warns – CNBC

Anil Panchal FXStreet

While the US-China trade stories keep coming, the CNBC quotes the US Deputy Assistant Attorney General Adam Hickey to convey the Trump administrations’ warning that Chinese theft of trade secrets is on the rise.

The news report also emphasized the diplomat’s signal towards China’s theft of trade secrets while saying that since 2012, more than 80% of economic espionage cases brought by the department’s National Security Division have implicated China and they are on the rise in recent years.

Key quotes

“The issue isn’t that China has set out to do that. It’s that part of their industrial policy, part of the way they try to accomplish that, is state-sponsored theft or creating an environment that rewards or turns a blind eye to it.”

FX implications

Given the present market doubts over any breakthrough from the US-China trade talks, up for October, such news should have a negative impact on the commodity-linked currencies while also supporting the safe-havens. However, no major changes were witnessed by the press time.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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