Even as the trade war was crimping the flow of goods between the U.S. and China, the Chinese government was opening doors in another arena, inviting in more foreign banks, insurance providers and other financial services companies.
China has also been making it easier for foreigners to buy its stocks and bonds — something many fund managers are required to do now that major index compilers are including Chinese assets in their gauges — to the growing dismay of some U.S. politicians. The take-up is gathering pace but the going has been tough, even before the economic disruption and increased political tension caused by the coronavirus pandemic. Read more…..
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“There were a lot of people on the Democratic side who questioned giving me $500 billion that I could quote ‘do with whatever I want’ so I find it kind of ironic now that I’m being prudent and returning the money to Congress like I’m suppose to that people are questioning that,” Treasury Secretary Steven Mnuchin told CNBC’s “Squawk on the Street” Friday.