The dollar edged higher on Monday as worries about a standoff between the United States and China over civil liberties in Hong Kong fuelled demand for safe-haven currencies.
FILE PHOTO: A man displays US dollar notes after withdrawing cash from a bank in Harare, Zimbabwe, July 9, 2019. REUTERS/Philimon Bulawayo Sterling was on the defensive after members of British Prime Minister Boris Johnson’s party called for the resignation of an influential aide for breaking travel restrictions during the coronavirus lockdown.
A senior White House official has said Beijing’s plan to impose a security law on the former British colony of Hong Kong could lead to U.S. sanctions, which could worsen an already tense relationship between the world’s two-largest economies. “The biggest concern is the tension between the United States and China,” said Takuya Kanda, general manager of research at Gaitame.com Research Institute in Tokyo. “Things were already bad, and it is likely to get worse because of the Hong Kong security law. This supports risk-off trades, which is positive for the dollar and the yen.”The dollar bought 0.9718 Swiss francTrading may be subdued on Monday, because financial markets in Singapore, Britain, and the United States are closed for public holidays. China’s proposed national security legislation for Hong Kong could lead to U.S. sanctions and threaten the city’s status as a financial hub, White House National Security Adviser Robert O’Brien said on Sunday. Hong Kong police fired tear gas and water cannons to disperse thousands of people who rallied on Sunday to protest Beijing’s national security law. Washington and Beijing are also at loggerheads over Chinese companies’ access to advanced technology and criticism of China’s response after the novel coronavirus emerged late last year in Hubei. The threat of sanctions over Hong Kong risks a repeat of last year’s damaging trade war between the United States and China.was little changed at $1.2187. Against the euro, sterling traded at 89.51 pence EURGBP=D3. Johnson has backed his senior adviser Dominic Cummings on Sunday, despite calls from within his own Conservative Party for the aide to resign. Cummings, who is the architect of the 2016 campaign to leave the EU and widely considered to be Johnson’s most influential strategist, came under pressure after reports he travelled to northern England from London during a nationwide lockdown in March when his wife was ill with COVID-19 symptoms.rose slightly to $0.6545 amid growing optimism about the country's emergence from coronavirus lockdowns. In New South Wales, which includes the city of Sydney, children returned to full-time face-to-face learning on Monday, allowing many parents to return to offices. Australian states are pressing ahead with a three-stage plan to remove most social restrictions imposed by July.Reporting by Stanley White; Editing by Sam Holmes
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China has betrayed Hong Kong, Hong Kong former governor saysChina has betrayed the people of Hong Kong so the West should stop kowtowing to Beijing for an illusory great pot of gold, said Chris Patten, the last governor of the former British colony.
Read more »
China has betrayed Hong Kong, former HK governor saysChina has betrayed the people of Hong Kong so the West should stop kowtowing to Beijing for an illusory great pot of gold, said Chris Patten, the last governor of the former British colony.
Read more »
China's new Hong Kong laws a 'flagrant breach' of agreement, foreign officials sayNearly 200 political figures from around the world on Saturday decried Beijing's proposed national security laws for Hong Kong, including 17 U.S. Congress members, as international tensions grow over the proposal to set up Chinese government intelligence bases in the territory.
Read more »
Anti-government protesters tear gassed in Hong KongBeijing proposed tough security legislation for Hong Kong, a move that sent a chill through financial markets and drew a swift rebuke from foreign governments, international human rights groups and some business lobbies.
Read more »
Senior Chinese diplomat says new legislation on Hong Kong to have no impact on freedoms, rightsThe Chinese government's top diplomat Wang Yi said on Sunday new China legislation on Hong Kong that is being considered would target a narrow category of acts and would have no impact on the city's freedoms or rights, or interests of foreign firms.
Read more »