US Senate sets up expedited vote on Hong Kong Democracy Bill – Bloomberg

The United States (US) forwards in its support to the Hong Kong protesters as Bloomberg headlines say the US Senate is preparing for quick passage of legislation that places the city’s special trading status with the US under annual review.

Key quotes

"The Senate is set to bring the bill to the floor under an expedited process that would allow for quick passage unless there is an objection, according to Republican Senator Marco Rubio, the lead sponsor."

"The bill could pass as early as next week, according to a Senate aide."

FX implication

Given China’s tough opposition to the US meddling in “one country, two systems”, news like this could negatively affect the market’s risk sentiment. In doing so, USD/JPY could extend the recent downside, currently around 108.40.