US banks give up products linked to Chinese stocks after the New York Stock Exchange ban
Bipartisan pressure to take a tough stand on China is expected under Biden
Trump’s term is drawing to a close, but President-elect Joe Biden is not expected to reverse the government’s stance on China when he takes office later this month.
“There is bipartisan pressure to stay tough on China,” said Quinn analyst Jarrett Seaberg, indicating that Biden will have “much higher priorities going forward, such as securing another incentive.” [package]. “
This could mean that US capital markets, as well as access to the US consumer base, may continue to be a challenging task for Chinese companies.
In fact, Biden could get tougher with China, Seaberg said.
This could include asking Congress to shorten the three-year period that Chinese companies must open their audits to inspections before US stock exchanges have to write it off.
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