US Sec. of State Pompeo: Hong Kong will become just another communist-run city

Anil Panchal FXStreet

Early Friday morning in Asia, US Secretary of State Mike Pompeo used twitter to register his angst against the Chinese Communist Party’s (CCP) Hong Kong Security Law.

The tweet

The CCP implemented its national security law on Hong Kong, in violation of the commitments it made to the Hong Kong people– and disregarding Hong Kongers’ human rights and fundamental freedoms. A free Hong Kong was one of the world’s most stable, prosperous, and dynamic cities. pic.twitter.com/9Nrc7CT1wV
— Secretary Pompeo (@SecPompeo) July 2, 2020

FX implications

Although China hasn’t yet strongly responded to the US attacks on the Hong Kong security law, such a repeated criticism risks pushing the dragon nation towards hard stand against the world’s largest economy. This would exert additional downside pressure on the market’s risk-tone sentiment that recently weighed down by the coronavirus (COVID-19) concerns. That said, Wall Street benchmark lost some ground during the latest hours while the US 10-year Treasury yields also recede to 0.669% by the end of Thursday.

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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