US Congress launches bipartisan bill to give refugee status to certain Hong Kong residents – WSJ

Early Wednesday morning in Asia, the Wall Street Journal (WSJ) came out with the news suggesting the US policymakers’ efforts to support refugees from Hong Kong. The move could replicate the previous announcements from the UK that gained ire from China amid the dragon nation’s rush to secure more power.

Key quotes

Lawmakers of both parties launched a bill to give refugee status to Hong Kong residents at risk of persecution under the Chinese territory’s new national security law, which local rights activists and many Western countries have decried as a tool for Beijing to suppress civil liberties in the semiautonomous city-state.

FX implications

Although global markets are searching for fresh clues to extend the previous day’s gains to the first day of the third quarter (Q3), the news could weigh on the risk sentiment. However, the S&P 500 Futures stay positive around 3,090 as we write.