It seems like he made a U-turn in the pressure of Manusin… China’s “Stop Irrational Repression” Strongly Resist
The U.S. New York Stock Exchange (NYSE), which decided to delist China’s three major telecommunications companies and withdrew them, eventually turned back to delisting.
NYSE announced on the 6th (local time) that three companies, China Mobile, China Telecom, and China Unicom, will be withdrawn from the New York Stock Exchange.
After announcing the delisting of three telecommunications companies on the 31st of last month, after further discussions on the 4th of this month, four days later, the company announced that it would not delist it.
NYSE explained that it has reverted its decision to comply with the new guidelines of the US Treasury Department’s Overseas Asset Control (OFAC).
It is a guideline that states that Americans will not be able to engage in certain transactions with these three companies starting on the 11th.
This is a follow-up to President Donald Trump’s executive order banning American investment in companies affiliated with the Chinese military in November.
Prior to the executive order, the US Department of Defense had listed these three state-owned telecommunications companies on the list of companies affiliated with the Chinese military.
Although the OFAC’s guidelines were changed as an official reason, the NYSE’s reversal was due to pressure from the Trump administration, including Treasury Secretary Stephen Manusin, Bloomberg reported.
According to reports, Secretary Manusin called NYSE’s Chief Executive Officer Stacy Cunningham and expressed his opposition to the reversal of the original decision to delist three companies, China Mobile, China Telecom, and China Unicom.
Bloomberg added that White House Secretary Mark Meadows, National Security Adviser Robert O’Brien, and White House National Economic Commissioner Larry Kurdlow were also involved in the US administration’s response.
He pointed out that NYSE’s fluctuating moves are instilling confusion in the financial market over a series of policies, including an executive order banning investment in companies affiliated with the Chinese military last November.
In this regard, sources said that after the NYSE made a decision to delist in order to comply with the executive order, the policy was withdrawn after four days when questions were raised whether the banned company was correct. Told.
Chinese authorities strongly opposed the news of their telecommunications companies leaving the New York Stock Exchange.
The Chinese Ministry of Commerce issued a statement shortly after the report and urged the United States to “stop unreasonable repression,” Reuters reported.
The Ministry of Commerce also said the delisting would hurt consumers’ interests, suggesting that it could take the necessary steps to support Chinese companies.
Prior to the final decision, Chinese Foreign Ministry spokesman Hwa Chun-ying said at a regular briefing, “The news from the US is fluctuating, but China’s position on this issue is very clear.” Repressing foreign companies listed on the stock market shows the randomness and uncertainty of US laws and regulations.”
“The impact of US repression on Chinese companies is quite limited,” said a spokesperson for Hua.
He continued, “Not only China, but all other countries are watching how the United States will behave.” Warned.
/yunhap news