Reports that the Trump administration is considering blocking the listing of Chinese companies on U.S. exchanges were erroneous, a U.S. Treasury official told Bloomberg, sending Chinese stocks that slid on the news Friday higher on Monday morning.
"The administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time," Treasury spokeswoman Monica Crowley said in an emailed statement to Bloomberg.
Bloomberg originally reported that the administration was considering numerous steps as part of its ongoing trade war with China, including delisting Chinese companies and limiting U.S. investors' exposure to China through government pension funds.
The U.S. and China are expected to continue trade negotiations in a series of meeting between October 10 and 11 in Washington D.C. China's top trade negotiator, Vice Premier Lu, is expected to lead the 13th round of talks between the U.S. and China.
Alibaba (BABA) - Get Report shares were rising 2.4% to $169.91, Baidu (BIDU) - Get Report shares rose 1.46% to $102.69, JD.com (JD) - Get Report rose 1.98% to $28.37, Tencent (TCEHY) rose 2.58% to $31.70 and Pinduoduo (PDD) - Get Report rose 1.35% to $31.70. Electric vehicle maker NIO (NIO) - Get Report was still down 0.57% to $1.74, after dropping 10.7% in Friday's session.
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