US President Trump signs executive order banning transactions with 8 Chinese software applications

Anil Panchal FXStreet

While exerting additional pressure on China, US President Donald Trump recently signed an executive order that bans transactions with 8 Chinese software applications including Ant group's Alipay. Details suggest that move also targets Tencent Holdings' QQ Wallet and WeChat pay as well as Camscanner.

The news rolled out after the New York Post conveyed disappointment of World Health Organization’s (WHO) Director-General Tedros Adhanom Ghebreyesus over China’s blocking the investigations concerning the coronavirus (COVID-19) origin.

Read: WHO’s Tedros “disappointed” by Beijing’s stalling in covid investigation

On the same line, Bloomberg also came out with the news suggesting the reversal of the New York Stock Exchange’s (NYSE) previous thought to not delist three Chinese companies’ shares. “The New York Stock Exchange is reconsidering its decision to halt the delisting of three major Chinese telecommunications firms after Treasury Secretary Steven Mnuchin told the Big Board he opposed its shock announcement to grant the companies a reprieve, said three people familiar with the matter,” the news said.

FX implications

Global markets await results from Georgia’s runoff while paying a little heed to the Sino-American story off-late. However, the news should add to the downside pressure on the risks if Republicans keep control of the US Senate.

Read: Georgia Elections Preview: Markets geared for a special moment, three scenarios

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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