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LONDON (Reuters) - U.S. bank JPMorgan said it will exclude Huawei s dollar bonds from some its most influential investment indices from the end of next month, following the latest ratcheting up of U.S. sanctions on Chinese technology firms.
U.S. President Joe Biden s administration issued a new executive order https://www.federalregister.gov/documents/2021/06/07/2021-12019/addressing-the-threat-from-securities-investments-that-finance-certain-companies-of-the-peoples last week banning U.S. entities from buying or selling the publicly-traded securities of 59 Chinese companies with alleged ties to defense or surveillance. Huawei USD-denominated bonds will be excluded from J.P. Morgan fixed income indices (including the CEMBI and JACI families) since the issuing entities for these securities (Proven Glory Capital Ltd. and Proven Honour Capital Ltd.) are explicitly named and in scope of the Amended Order, JPMorgan said in a note to index users late on
Read more about Biden blocks 59 Chinese companies including Huawei in amended Trump order on Business Standard. Biden s position on Trump s order has been closely watched by Wall Street and Capitol Hill.
US President Joe Biden’s stance on Trump’s orders has been closely watched by Wall Street and Congress. Lawmakers from both parties have called for a tough stance against China on issues ranging from trade to human rights.
President Joe Biden signed an order on Thursday to amend the ban on US investment in Chinese companies started by his predecessor, appointing 59 companies connected to the Chinese military or surveillance industry, including Huawei Technologies Co., Ltd. and China’s three major companies. Telecommunications company.
According to a government official who asked not to be named, the new investment ban will take effect in New York at 12:01 am on August 2. Investors will have a year to completely divest themselves.