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The US House passes a bill that could block Chinese companies in US markets on accounting rules by a unanimous vote.
This will prevent some Chinese companies from listing their shares on the US stock exchanges unless they meet US auditing standards.
The bill will give Chinese companies like Alibaba three years to comply with US rules before being pulled from US markets.
Closer scrutiny could also deter other Chinese companies from listing in the United States, some industry participants said.
Market implications
Chinese Foreign Ministry spokeswoman Hua Chunying previously described it as a discriminatory policy that politically oppresses Chinese companies.
Expect China and trade wars to become a theme.
This could potentially take the shine of the high beta forex like the CAD to new highs in recent trading, and in particular the Aussie.
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