Trump administration: Huawei, Hikvision backed by Chinese military – Reuters

Dhwani Mehta FXStreet

According to a document seen by Reuters on Wednesday, a US defense official said that the White House has found out that top Chinese firms, including telecoms equipment giant Huawei Technologies and video surveillance company Hikvision, are owned or controlled by the Chinese military.

The US official “confirmed the authenticity of the document and said it had been sent to Congress. Washington placed Huawei on a trade blacklist last year over national security concerns and has led an international campaign to convince allies to exclude it from their 5G networks,” per Reuters.

The Financial Times (FT) reported earlier today, the Pentagon compiled a list of Chinese companies that have links to country’s military.

This comes as the Trump administration and Congress intensify their efforts to make it difficult for Beijing to secure US investment and sensitive technologies.

Market reaction

Markets witnessed a fresh risk-aversion wave sweeping through on the above report, with the Asian stocks ex-China tumbling over 1.50% while the S&P 500 futures dropped 0.70%.

AUD/USD stalled its bounce and reverted towards the daily lows while USD/JPY traded firmer above 107.00, as the US dollar regained poised across its main peers.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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