China has warned of retaliation by announcing its removal from the New York Stock Exchange (NYSE), China’s three largest telecommunications companies. This could further escalate the already ongoing tensions between the United States and China. The stock exchange said that China Telecom Corp. Corporation, China Mobile Limited and China Unicom Hong Kong Limited will be removed from the exchange. Trading in shares of these companies will be closed anytime between January 7 and January 11.
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U.S. President Donald Trump, through an official order on November 12, banned the United States from investing in publicly traded companies that were owned or controlled by the Chinese military. A spokesman for the Chinese Commerce Department said it would reduce all parties’ confidence in the US capital market.
China hopes Biden will end the Cold War
Newly elected US President Joe Biden is set to take office this month. Under such circumstances, China hopes that he (Biden) will end the Cold War started by his predecessor Donald Trump. The Trump administration has opened a wide front against China on all fronts, from trade to Tibet and Taiwan issues and sharp criticism of the Chinese Communist Party. Chinese Foreign Minister Wang Yi expressed this expectation in an interview with China’s state news agency.