US cancels visas of more than 1,000 Chinese nationals deemed security risks

Anil Panchal FXStreet

In yet another move against China, the US has revoked visas for more than 1,000 Chinese nationals while citing security risks, as per Reuters.

Key quotes

The United States has revoked visas for more than 1,000 Chinese nationals under a presidential measure denying entry to students and researchers deemed security risks, the State Department said on Wednesday, a move China called a violation of human rights.

The acting head of the US Department of Homeland Security, Chad Wolf, said earlier that Washington was blocking visas ‘for certain Chinese graduate students and researchers with ties to China’s military fusion strategy to prevent them from stealing and otherwise appropriating sensitive research.’

A State Department spokeswoman said the visa action followed a May 29 proclamation by President Donald Trump as part of the US response to China’s curbs on democracy in Hong Kong.

In Beijing on Thursday, a foreign ministry spokesman described the U.S. move as ‘naked’ political persecution and racial discrimination that seriously violated human rights.

FX implications

The news adds challenges to the market’s risk-tone sentiment but is largely ignored by S&P 500 Futures, currently up 0.30%, amid risk reset move.

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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