US Justice Department: Chinese national pleads guilty to theft of trade secrets from the US petroleum company

While trade tensions are already on a hike, the United States (US) Justice Department came out with its verdict that the Chinese national, Hongjin Tan, 35, pleads guilty for stealing information from the US-based petroleum company concerning the research and development downstream energy market product that is worth more than $1 billion.

FX implications

Although early Asian market hours show less response to the news, this could weigh on the broad risk sentiment and commodity-linked currencies while going forward.