The main US federal government pension fund is to exclude Chinese and Hong Kong-listed stocks on the recommendation of its adviser, which cited the rising tensions between the world’s two largest economies.
The $771bn Federal Retirement Thrift Investment Board said on Wednesday that it would change the benchmark index followed by its international fund. The move will mean a shift away from an index that includes Hong Kong-listed equities.
Washington has increasingly limited the range of Chinese companies available to US investors on the basis of national security, with a series of rule changes first under former president Donald Trump and then his predecessor Joe Biden.
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