. On Saturday, US Treasury officials walked back the Friday report, saying that there are no plans to stop Chinese companies from listing on US exchanges.
A control on capital flows would be yet another escalation of the trade war between the US and China, Dong said. If the US were to close off foreign direct investment to China, it would likely hurt businesses as companies from Alibaba to Baidu have been able to access the American capital markets, Dong said. For some companies, the depth and breadth of US markets has accelerated their development and growth, he said.
But there would be unintended consequences as well, wrote Steven Wieting, chief investment strategist at Citigroup Private Bank, in a note to clients Monday. One is that less investment in US dollars would negatively impact the Chinese yuan, which could drag down other emerging-market currencies. A weaker yuan also directly undermines Trump's trade goals by easing the impact of tariffs levied against China — this is why when China, Trump and the US Treasury called the country a currency manipulator.
"The US has made it clear that policies leading to US dollar appreciation are anathema to the manufacturing sector revival it seeks," Wieting said.
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