Futures, Yuan Slide As China Threatens Retaliation Over US House Bill On Hong Kong

Earlier this evening, the U.S. House gave support to pro-democracy protesters in Hong Kong by passing a bill that would require an annual review of whether the city is sufficiently autonomous from Beijing to justify its special trading status under U.S. law.

The bill provides for sanctions against officials “responsible for undermining fundamental freedoms and autonomy in Hong Kong.”

China is upset (and so is LeBron probably)!

China's foreign ministry has issued a statement condemning the bill and threatening retaliation...

Q: It is reported that the U.S. House of Representatives plenary session reviewed and approved the "Hong Kong Bill of Rights on Human Rights and Democracy" on the 15th. what opinions do the Chinese have on this issue?

A: We express our strong indignation and resolute opposition to the US House of Representatives' insistence on adopting the so-called "Hong Kong Bill of Rights on Human Rights and Democracy."

At present, what Hong Kong faces is not the so-called human rights and democracy issues, but the issue of ending violence, rectifying order and upholding the rule of law as soon as possible. The US House of Representatives ignores the facts, reverses black and white, and calls serious crimes such as arson, smuggling shops, and violent assaults as human rights and democracy. It is a naked double standard that fully exposes some people in the United States on human rights and democracy. Extremely hypocritical and undermining the sinister intentions of Hong Kong's prosperity and stability and containing China's development. The United States also has important interests in Hong Kong. If the relevant bill is finally passed into law, it will not only harm the interests of the Chinese side, but also damage Sino-US relations, and it will seriously damage the interests of the United States.

With regard to the wrong decision of the US side, China will surely take effective measures to resolutely counteract and firmly safeguard its sovereignty, security, and development interests.

I want to stress once again that Hong Kong is China's Hong Kong. Hong Kong affairs are purely China's internal affairs and cannot be interfered by any outside forces. We advised the US side to recognize the situation and immediately stop promoting the review of the relevant Hong Kong bill and immediately stop interfering with Hong Kong affairs and interfering in China's internal affairs.

Will China withhold its Ag purchases unless Trump vetos the bill?

Stock futures are sliding...

And Yuan legged lower...

Source: Bloomberg

We look forward to hearing from LeBron and his condemnation of the Democrats' attack on China.

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