Chinese apps could face subpoenas or bans under US Pres. Biden order

Early Friday in Asia, Reuters came out with the latest update on US-China tussles by citing US President Joe Biden’s executive order as a threat to the key Chinese technology company.

“US President Joe Biden’s executive order aimed at safeguarding Americans’ sensitive data would force some Chinese apps to take tougher measures to protect private information if they want to remain in the U.S. market, according to people familiar with the matter,” Reuters said.

The news also cites possibilities of Beijing-headquartered companies witnessing subpoenas to collect information about certain smartphone, tablet and desktop computer software applications before the agency may either negotiate conditions for their use in the United States or ban the apps, per the mentioned anonymous sources.

The news report also mentions, “Meanwhile apps linked to other adversaries like Iran or Venezuela are already blocked under broader sanctions.”

FX implications…

Given the lack of market catalysts and the post-FOMC relaxing mood, the sentiment-negative news fails to get a major reaction.

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