US Sec. of State Pompeo: Chinese consulate in Houston was a hub of spying and IP theft

During the early Friday morning in Asia, US Secretary of State Mike Pompeo crossed wires, via Reuters, while hitting China and justifying the American order to close the dragon nation’s consulate office in Houston.

Key quotes

China walked away on their promises on Hong Kong.

China military growing stronger, more menacing.

China filed to halt spread of coronavirus.

Free world must triumph over this new tyranny.

Chinese President Xi Jinping is a true believer in the bankrupt totalitarian ideology.

China using ‘slave labour’.

Huawei a true national security threat.

Chinese consulate in Houston was a hub of spying and IP theft.

Chinese people distinct from the Chinese Communist Party (CCP) - must engage with the people.

Communists always lie.

CCP fears the Chinese peoples' opinions.

Its time for free nations to act to protect their own economic prosperity, its ideals from the tentacles of the CCP.

The old paradigm of blind engagement with China has failed. We must not continue it. We must not return to it.

Market reaction

The news adds to the market’s risk-off mood and exerts additional downside pressure on the AUD/USD pair that currently struggling with the bears to keep 0.7100.