US set to add more Chinese companies to blacklist over Xinjiang

Early Friday in Asia-Pacific, Reuters came out with the news, relying on two anonymous sources, to suggest further hardships for Chinese companies listed on the US stock exchanges.

“The Biden administration is set as early as Friday to add at least 10 more Chinese companies and other entities to its economic blacklist over alleged human rights abuses and high-tech surveillance in Xinjiang,” reads the news.

Key quotes

The U.S. Commerce Department action will follow its announcement last month adding five other Chinese entities to the blacklist over forced labor allegations in Xinjiang.

The new additions to Commerce Department's Entity List are part of the Biden administration's ongoing efforts to hold China accountable for human rights violation

FX implications

The news adds to the market’s risk-off mood and puts a safe-haven bid under the US dollar.

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