Wednesday, January 6, 2021

The Latest Episode in Destructive Anti-China Policy: NYSE Reverses Reversal

Well, this is quite the roller coaster ride.

The New York Stock Exchange announced on Jan. 5 that it was halting plans announced four days earlier to halt trading and the delisting process for China's three largest telecom companies. The exchange said that the decision was made after discussions with regulators about the November 2020 executive order banning U.S. investment in such companies. 

Now, the NYSE says it is reversing its reversal after Treasury Secretary Steven Mnuchin criticized the decision to grant the companies a reprieve.

Bloomberg provides the background:

The NYSE’s [second] pivot follows a whirlwind 18 hours in which the exchange caught U.S. officials off guard, with the exasperation reaching the highest levels of the Trump administration. The back-and-forth also sowed deep confusion within global financial markets about the policy that set off the remarkable chain of events: an order signed by President Donald Trump in November that requires investors to unload Chinese businesses deemed a threat to U.S. national security.

Mnuchin entered the fray Tuesday, calling NYSE Group Inc. President Stacey Cunningham to express his displeasure with the exchange’s decision to let China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. keep trading on the Big Board, said the people who asked not to be named in discussing a private conversation. Also involved in the administration’s response were Chief of Staff Mark Meadows, National Security Adviser Robert O’Brien and National Economic Council Director Larry Kudlow.

Leading the China harassment are no doubt Secretary of State Michael Pompeo and White House trade adviser Peter Navarro.

Mnuchin, Kudlow et al. remain Trump loyalists to the end, even when it will result in further unnecessary tension between the U.S. and China. Trade and cross-commerce are always good, anti-trade and anti-cross-commerce always strike a nationalistic tone that only escalates suspicions between countries.

It is unclear if Joe Biden will reverse the delisting demand, the anti-China advocacy runs deep in D.C.



  1. Thanks for being a traitor to America RW.

    1. He doesnt want to look at the bigger picture of the insidious Communist negation of fair trade ethical business process Lab. China is economic enemy number 1 and at least the Cheeto in Chief saw them for who they are.