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- US prepares to soften China AI investment ban with revenue concerns
US prepares to soften China AI investment ban with revenue concerns
Late Tuesday, Bloomberg quotes anonymous sources familiar with the matter while suggesting a comparatively softer US government ban on investment in Chinese Artificial Intelligence (AI) companies.
The news mentions that the US plans to target only those Chinese companies that get more than 50% of revenue from the sectors including quantum computing and artificial intelligence (AI).
“The Biden administration is expected to unveil in the coming days,” said Bloomberg.
Market reaction
The news allows AUD/USD to portray a corrective bounce from the lowest level in two months after posting the biggest daily loss in a week, mainly due to the risk-off mood and China-linked news.
Also read: AUD/USD stays pressured towards 0.6500 as economic woes join fears of China deflation
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