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Asian markets diverged as hopes of a trade deal dwindle

2019-10-09 06:46 am | Resource: News | No Views : 27

Asian markets diverged as hopes of a trade deal dwindle

Asian markets were mixed on Wednesday ahead of the next round of China-US trade talks. However, a series of events cast doubt on whether officials will be able to make progress. Most recently, Washington has imposed visa restrictions on Chinese officials because of the mistreatment of Muslim minorities in the country.

China: US interferes in China's internal affairs

The Chinese embassy in Washington, DC, accused the United States in a statement, saying it was interfering in China's internal affairs with the latest visa restrictions. China said the visa restriction policy "seriously violates the basic rules governing international relations" and stressed that the move "undermines China's interests." The United States has imposed visa restrictions on Chinese officials for alleged ill-treatment of Xinjiang's Muslim minority. Washington cited the same reason for blacklisting a number of Chinese entities earlier this week.

US hits China with visa restrictions on Muslim rights abuses

The US State Department said on Tuesday it had decided to impose visa restrictions on Chinese officials for abuse of Muslims in Xinjiang.

"The Chinese government has launched a very repressive campaign against Uighurs, Kazakh and Kyrgyz minorities and other members of Muslim minority groups in the Xinjiang Uygur Autonomous Region," Secretary of State Mike Pompeo said in a statement. Visa restrictions on the Chinese government and Communist Party officials believed to be responsible for, or accomplices, the detention or ill-treatment of Uighurs, Kazakhs or other members of Xinjiang's Muslim minority groups.

The move comes days after the US Department of Commerce listed eight Chinese companies on their alleged involvement in the abuse of Muslim minorities in northwest China.

Asian shares trading
  • At 7:03 CET, the Nikkei 225 fell 0.72%
  • South Korea's Kospi jumped 1.21%
  • In China, the Shanghai Composite rose 0.07% at 7:21 CET
  • Shenzhen Composite Index fell 0.19%.
  • Hong Kong's Hang Sang fell 0.66% at 7:23 am CET, as protests there showed no signs of a halt.
  • Australia's S & P / ASX 200 Index fell 0.19% at 7:17 am CET.

The dollar was up 0.07% against the yen at 7:25 CET, reaching 107.157 yen.

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