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U.S.-China tensions threaten great financial decoupling

Hard-liners press pension funds to drop China stocks; Beijing cracks down on listings

National barriers to the global flow of capital have been breaking down for decades. But now, that process has gone into reverse.   © Reuters

NEW YORK -- Growing tensions between China and the U.S. are deepening the rift between the two rivals' financial systems, a trend that could cut into the productivity of the global economy.

In the U.S., there have been moves to exclude Chinese stocks from large public pension programs. China has tightened regulations to prevent its companies from easily listing in the U.S. and elsewhere. These mark sharp reversals from the decadeslong internationalization of finance.

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