Covid-19, oil stock sell-off take over 10 per cent off SET #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383945?utm_source=category&utm_medium=internal_referral

Covid-19, oil stock sell-off take over 10 per cent off SET

Mar 12. 2020
By The Nation

The Stock Exchange of Thailand (SET) Index plunged to 1,114.91 today (March 12) to its lowest level in eight years and one month, down 134.98 points (10.80 per cent) from Wednesday’s close with a total transactions of Bt101.652 billion.

The index moved between a high of 1,187.39 and a low of 1,095.37.

An analyst at Krungsri Securities said he expected the SET to fall 1,220-1,235 points today due to uncertainty of the Covid-19 outbreak and heavy pressure to sell off oil stocks.

“Oil prices fell sharply last night because of the Covid-19 outbreak,” he said, referring to Wednesday’s downturn.

“Meanwhile, the World Health Organisation has declared Covid-19 a global pandemic and the number of confirmed infections in Thailand has risen again, putting more pressure on the market.

“Large-cap stocks are also under pressure due to foreign investors continuously selling their holding.”

The top ten stocks with the highest trade values today were AOT, PTT, CPALL, BAM, GULF, PTTEP, ADVANC, SCB, KBANK, and SCC.

Elsewhere in Asia, Japan’s Nikkei Index closed at 18,559.63, down 856.43 points, or 4.41 per cent.

China’s Shanghai SE Composite Index closed at 2,923.49, down 45.03 points, or 1.52 per cent, while Shenzhen SE Component Index closed at 10,941.01, down 259.04 points, or 2.31 per cent.

Hong Kong’s Hang Seng Index closed at 24,309.07, down 922.54 points, or 3.66 per cent.

South Korea’s KOSPI Index closed at 1,834.33, down 73.94 points, or 3.87 per cent.

Taiwan’s TAIEX Index closed at 10,422.32, down 471.43 points, or 4.33 per cent.

Gold price advances Bt50/baht at the close #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383944?utm_source=category&utm_medium=internal_referral

Gold price advances Bt50/baht at the close

Mar 12. 2020
By The Nation

The price of gold rose by Bt50 per baht weight at the close of trade on Thursday (March 12), the Gold Traders Association reported.

At 4.59 pm, buying price of a gold bar was Bt24,400 per baht weight and selling price Bt24,500, while buying price of gold ornaments was Bt23,967.96 per baht weight, selling price Bt25,000.

Prices rose from morning trade when a gold bar cost Bt24,350 to buy and Bt24,450 to sell, gold ornaments cost Bt23,907.32 to buy, Bt24,950 to sell.

Gold contracts in COMEX futures to be delivered next month decreased by US$18 to $1,642.30 per ounce at Wednesday’s close after US President Donald Trump and Senate leaders from his Republican Party failed to agree on economic stimulus measures to mitigate the impact of the Covid-19 outbreak.

Trump offered to cut the payroll tax to zero until the end of the year, but party stalwarts believe the move would leave the government unable to support citizens’ health insurance and social welfare.

Meanwhile, the White House is considering aid for the US oil industry, which has been affected by the decline in oil prices stemming from a conflict between Saudi Arabia and Russia.

SET rolls out financial aid for struggling entrepreneurs #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383939?utm_source=category&utm_medium=internal_referral

SET rolls out financial aid for struggling entrepreneurs

Mar 12. 2020
Pakorn Peetathawatchai, SET president

Pakorn Peetathawatchai, SET president
By The Nation

A sharp drop in the index on Thursday (March 12) prodded the Stock Exchange of Thailand (SET) to introduce measures to support entrepreneurs in their business operations.

SET president Pakorn Peetathawatchai said the index had plunged by 135.02 points (10.8 per cent) by 3.30pm to 1,114.87 points as investors fretted about the damage the Covid-19 virus is doing to business worldwide.

He also cited tough competition and technological changes in the securities industry as challenges facing entrepreneurs.

“We have spoken with government authorities about using the Thai Opportunity Fund to help stabilise the stock market, and that is under consideration,” he said.

The SET has in the meantime issued measures to help reduce expenses and operating costs and increase liquidity for businesses:

• a 20-per-cent cut in the annual fee charged to listed companies, securities companies and asset-management companies using the Thailand Securities Depository (TSD) as registrar

• a lower annual fee for listed companies participating in “Opportunity Day” this year and next, a move aimed at encouraging them to be transparent in sharing information with investors

• lower fees associated with TFEX transactions and for registering derivative warrants, and use of technology enabling free services for individual investors

• a 20-per-cent cut in security maintenance fees from April 1 to December 31 to reduce expenses for TSD members such as securities companies and custodian banks

Pakorn said the SET was ready to assist entrepreneurs, who he said play an important role in driving the economy.

“These measures cover more than 800 firms, including limited companies, securities companies, asset management companies, and custodian banks,” he said.

“The SET will monitor the situation closely and is ready to support the capital-market sector in all dimensions, as well as coordinating with the government in its policy to help entrepreneurs overcome this situation.”

Gold sheds Bt250 in value overnight #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383927?utm_source=category&utm_medium=internal_referral

Gold sheds Bt250 in value overnight

Mar 12. 2020
By The Nation

The price of gold fell by Bt250 per baht weight on Thursday morning (March 12), the Gold Traders Association reported at 9.28am.

A gold bar was Bt24,350 to buy and Bt24,450 to sell, while gold ornaments were Bt23,907.32 to buy and Bt24,950 to sell.

At Wednesday’s close, a gold bar was Bt24,600 to buy and Bt24,700 to sell, and gold ornaments Bt24,149.88 to buy and Bt25,200 to sell.

Gold contracts in COMEX futures to be delivered next month decreased by US$18 to $1,642.30 per ounce at Wednesday’s close after US President Donald Trump and Senate leaders from his own Republican Party failed to agree on economic stimulus measures to mitigate the impact of the Covid-19 outbreak.

Trump offered to cut the payroll tax to zero until the end of the year, but party stalwarts believe the move would leave the government unable to support citizens’ health insurance and social welfare.

The White House is meanwhile considering aid for the US oil industry, which has been affected by the decline in oil prices stemming from a conflict between Saudi Arabia and Russia.

‘Pandemic’ label puts global markets in turmoil #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383915?utm_source=category&utm_medium=internal_referral

‘Pandemic’ label puts global markets in turmoil

Mar 12. 2020
By The Nation

With the Covid-19 situation deteriorating in Thailand, Italy, the United States and elsewhere, stock markets around the world were shedding value on Thursday morning (March 12).

The Stock Exchange of Thailand (SET) index lost 109.84 points compared to Wednesday’s closing figure, a 8.79-per-cent drop to 1,140.05 points.

An analyst at Krungsri Securities said he expected the SET to fall 1,220-1,235 points due to the uncertainty over the Covid-19 outbreak and heavy pressure to sell off oil stocks.

“Oil prices fell sharply last night because of the Covid-19 outbreak,” he said, referring to Wednesday’s downturn.

“Meanwhile, the World Health Organisation has now declared Covid-19 a pandemic and the number of confirmed infections in Thailand has risen again, putting more pressure on the market.

“Plus, large-cap stocks are still under pressure due to foreign investors continuously selling their stocks.”

The analyst recommended buying power plant stocks, focusing those with high earnings per share and high dividend yield. The price of those stocks, such as BCPG and GPSC, has declined since the government capped electricity bills.

The analyst also recommends:

● Retail stocks, such as CPALL, HMPRO and BJC, which gained buying power after the government returned Bt30 billion in electrical-meter insurance revenue

● Financial stocks, such as MTC, SAWAD and KTC, which have benefited from interest rate cuts

● Defensive stocks, such as ADVANC, INTUCH and TTW, which pay high dividends.

Dow average sinks into bear market on virus fears, oil tumbles #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383896?utm_source=category&utm_medium=internal_referral

Dow average sinks into bear market on virus fears, oil tumbles

Mar 12. 2020
By The Washington Post · Jeremy Herron, Vildana Hajric · BUSINESS, US-GLOBAL-MARKETS

Stocks plunged around the world, oil tumbled and the stress in U.S. credit markets deepened after the World Health Organization called the coronavirus spread a pandemic and the Trump administration remained unable to detail any stimulus measures to combat the economic fallout.

The latest bout of virus-fomented turmoil tipped Dow Jones Industrial Average into a bear market, ending the longest bull run in the history of American equities. The blue-chip slumped 5.9% Wednesday and ended 20% below its February closing record. The S&P 500 dipped into bear territory before closing 19% below its high.

The WHO declaration rattled already on edge that the spreading virus will upend global growth. President Donald Trump didn’t keep his promise to detail stimulus plans, and late Wednesday said he the U.S. may not need to take those measures “if we get rid of the problem very quickly.” He plans to make a statement at 8 p.m. in Washington. European officials signaled a growing willingness to move soon to combat the virus’s effects on the region’s economy.

Signs that companies in the hardest-hit industries were drawing down credit lines to battle the effects of the virus on their businesses added to anxiety. The New York Stock Exchange said it will restrict access to its trading floor, the Wall Street Journal reported.

“We have no idea when the coronavirus, the spread, is going to subside. That uncertainty is going to continue to create a lot of volatility,” said David Spika, the president of GuideStone Capital Management. “We have no idea how to model it, we have no idea what to expect from it.”

Here are the main moves in global markets:

– Private equity titan Blackstone Group Inc. asked companies it controls to draw down their bank credit lines to help prevent any liquidity shortfalls.

– All but 10 stocks in the S&P 500 retreated Wednesday, with every industry down at least 3.9%.

– Boeing plunged 18% after it said it plans to draw down all of a $13.8 billion loan. Hilton Worldwide lost 9% when it said it would draw some of its credit line.

– An index of consumer services providers that includes hotels, cruise operators, Starbucks and Chipotle plunged 8.3%.

– European equities wiped out a 2.3% advance sparked by an emergency rate cut in the U.K.

– Municipal bonds tumbled, sending rates on 10-year benchmark state and local government debt higher by 22 basis points, the most since records began in 2011.

– The yen surged 1%, while the euro advanced with the pound.

– Crude sank 4.2% to sink below $33 a barrel.

– Asian equities lost 1.7%.

U.S. stocks extended their three-week slide as investors grappled with the potential economic hit from the virus that is upending daily routines around the world. Policy makers are seeking to assure traders they’re on alert, with the ECB indicating it may move as soon as this week, the Bank of England cutting rates and German Chancellor Angela Merkel pledging to do “whatever is necessary” to bolster the economy.

In the U.S., the Trump administration continues to promise “major” stimulus, but details remain uncertain. Democrats plan to urge the president to declare a national state of emergency. Markets are now growing worried that whatever does come will not have the ability to stave off a major blow to the world’s largest economy.

“Every day we get whipsawed back and forth, and what we’re seeing today is general disappointment that fiscal policy is not at all clear in how it’s going to stimulate the economy,” said Michael Reynolds, an investment strategy officer at Glenmede Trust Co.

Iraq, Kuwait follow in Saudi footsteps on oil-price curbs #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383890?utm_source=category&utm_medium=internal_referral

Iraq, Kuwait follow in Saudi footsteps on oil-price curbs

Mar 11. 2020
By Syndication Washington Post, Bloomberg · Anthony DiPaola, Sharon Cho, Alfred Cang · BUSINESS, WORLD, US-GLOBAL-MARKETS ·

Top OPEC producers Iraq and the Kuwait followed Saudi Arabia’s lead by cutting pricing for April crude sales, while a reduction by the United Arab Emirates paled in comparison to the kingdom.

Crude’s plunge into the $30s this week is causing upheaval well beyond oil markets, as the price war between Saudi Arabia and Russia threatens budgets in producing countries and hammers market values of listed energy companies. State-run Aramco, the world’s biggest exporter, known officially as Saudi Arabian Oil Co., fired the first salvos by slashing pricing for its crude and saying it would flood the market with a quarter more oil in April.

Iraq cut the official selling price for its Basrah Light crude for buyers in Asia by $5 a barrel for April shipments, according to an announcement on Tuesday. That’s less than the $6 reduction for Aramco’s comparable Arab Medium grade. Kuwait reduced its selling price to Asian customers by the same as the Saudis.

The UAE, only major producer that still sets prices retroactively, lowered the cost of its four grades for February sales by $1.63 a barrel from January. However, its benchmark Murban crude is being sold at a deeper discount in the spot market. All three producers ship a large portion of their exports to Asia.

By not pricing its crude as cheaply as Aramco’s, Iraq may prevent fanning the flames of the Saudi-Russian dispute.

“Any price war to acquire the largest market share does not serve the interests of the producing countries,” Iraqi Oil Ministry spokesman Asim Jihad said Tuesday. His country is trying to bridge oil producers’ viewpoints to reach a deal to stabilize and rebalance markets, he said in a statement.

Iraq’s state oil-marketing company, SOMO, plans to increase exports in April, according to a person with knowledge of the matter, who asked not to be identified because the information isn’t public. Shipments from the country’s southern port of Basra and oil that SOMO ships by pipeline through Turkey will rise to 3.6 million to 3.7 million barrels a day, the person said. SOMO sold 3.44 million barrels daily in March, according to Bloomberg tanker tracking data.

Middle Eastern producers sell much of their oil under long-term contracts, setting what are known as official selling prices, or OSPs, to let customers know what they’ll pay for future cargoes. Other Persian Gulf producers often follow Aramco’s pricing lead.

Kuwait set its April Export Crude OSP for Asian customers at a $4.65 a barrel discount to the regional benchmark, according to a price list seen by Bloomberg. That’s 60 cents lower than Aramco’s Arab Medium and $1.45 below than Iraq’s Basrah Light to the region. Kuwait’s exports to Northwest Europe were set at a record-low of a $12.60 discount.

The UAE’s Abu Dhabi National Oil Co. has “always set a fair and reasonable retroactive price for its crude that is consistent with market conditions,” Adnoc said in a statement Tuesday. The state-owned company is likely to change its pricing method when it introduces Murban futures later this year.

Murban crude to be loaded in May traded in bigger discounts in the spot market, with a cargo trading as low as $2.10 a barrel discount versus a low of $1.20 last month.

Oil war escalates again after Saudi and UAE promise flood of crude #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383886?utm_source=category&utm_medium=internal_referral

Oil war escalates again after Saudi and UAE promise flood of crude

Mar 11. 2020
An oil pumping jack in an oilfield near Almetyevsk, Russia, on March 11, 2020. MUST CREDIT: Bloomberg photo by Andrey Rudakov.

An oil pumping jack in an oilfield near Almetyevsk, Russia, on March 11, 2020. MUST CREDIT: Bloomberg photo by Andrey Rudakov.
By Syndication Washington Post, Bloomberg · Grant Smith · BUSINESS, US-GLOBAL-MARKETS

The battle for control of the global oil market intensified again on Wednesday as Saudi Arabia promised to increase production capacity and the United Arab Emirates said it plans to pump as much as possible next month.

Riyadh said it will boost capacity to an unprecedented 13 million barrels a day, doubling down on Tuesday’s pledge of extra output in April. The UAE, a close Saudi ally, then promised to push more crude to customers than it can produce. These are fresh shots in an all-out war that has seen prices crash and the outlook for the market darken as nations prepare to pump as much as they can.

The moves come after an alliance between the OPEC cartel — effectively headed by the Gulf nations — and Russia collapsed acrimoniously last week. The country, for its part, has announced that it will retaliate by activating additional supplies of its own. Yet Moscow, which has nowhere near the quantities of untapped production held by the Gulf states, has also tempered its message, saying it remains open to resuming cooperation.

Until Friday, Saudi Arabia, UAE and Russia had been part of a global coalition known as OPEC+, which for the past three years had restricted crude output to shore up prices against a relentless tide of American shale oil. Only in July, Russia and Saudi Arabia touted their alliance as a marriage to “eternity”.

All of that has now spectacularly collapsed.

The deadly coronavirus has played its part. Saudi Arabia had been insisting for weeks that the group needed deeper production cuts to tackle the demand loss caused by the quickly spreading virus. Russia on the other hand resisted as it wanted more evidence of the impact on consumption.

The standoff has drawn in President Donald Trump, who spoke with Saudi Crown Prince Mohammed bin Salman by phone this week. It followed the Department of Energy denouncing “attempts by state actors to manipulate and shock oil markets.” The department didn’t name Saudi Arabia nor Russia.

The kingdom’s de-facto leader is, however, showing no signs of relenting. The country’s energy ministry, headed by Prince Mohammed’s half-brother, ordered Saudi Aramco to boost its output capacity by 1 million barrels a day, the first increase in at least a decade.

Saudi Arabia’s plan “isn’t the best option” in the current market, Russian Energy Minister Alexander Novak told reporters in Moscow.

Abu Dhabi National Oil Co. will supply 4 million barrels a day of crude to customers in April, it said on Wednesday. That would mean adding more than 1 million barrels a day to what the UAE pumped in February. The country’s output capacity is 3.5 million barrels a day, according to the International Energy Agency.

Saudi Arabia and its allies are also slashing prices for their oil in an attempt to push out Russian crude and secure market share. Iraq and Kuwait followed Aramco in cutting rates to customers all over the world.

A Russian response could come as early as Thursday, when the officials from the Energy Ministry will meet oil company executives. They will discuss their output plans and situation in the market, Novak said.

Oil prices resumed their decline on Wednesday, sliding back toward the four-year lows hit on Monday. Brent futures traded near $36 a barrel in London, less than half the level the Saudis need to cover government spending.

BOE slashes rates, back to lowest level in history #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383884?utm_source=category&utm_medium=internal_referral

BOE slashes rates, back to lowest level in history

Mar 11. 2020
By The Nation

The Bank of England has announced an emergency cut in interest rates to shore up the economy amid the coronavirus outbreak, according to BBC News.

Policymakers reduced rates from 0.75 per cent to 0.25 per cent, taking borrowing costs back down to the lowest level in history.

The bank said it would also free up billions of pounds of extra lending power to help banks support firms.

It comes as the chancellor is expected to announce further measures to support growth and jobs in the budget later in the day.

Mark Carney, the outgoing governor of the Bank of England, said policymakers had seen a “sharp fall in trading conditions”, including spending on non-essential goods.

“The Bank of England’s role is to help UK businesses and households manage through an economic shock that could prove large and sharp, but should be temporary,” he said, adding that bank’s co-ordinated action on budget day was designed to have “maximum impact”.

Chancellor Rishi Sunak has pledged to help the UK battle the impact of the coronavirus, saying the NHS will get “whatever resources it needs” during the crisis, while he is also expected to unveil measures to boost the self-employed and small businesses who are left out of pocket.

The interest rate cut was part of a package of measures introduced by the bank to support the economy.

It also announced a new £100-billion scheme to help ensure households and businesses – particularly small and medium-sized firms – benefit from the reduction in interest rates.

Nike to review supply chains in China after reports Uighurs forced to make shoes #ศาสตร์เกษตรดินปุ๋ย

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30383873?utm_source=category&utm_medium=internal_referral

Nike to review supply chains in China after reports Uighurs forced to make shoes

Mar 11. 2020
By The Washington Post · Anna Fifield · BUSINESS, WORLD, US-GLOBAL-MARKETS, RETAIL, ASIA-PACIFIC
Nike said it was reviewing its suppliers’ hiring practices in China, after The Washington Post and an Australian think tank reported that members of the Uighur Muslim minority were making shoes for the American brand in conditions that suggested they were coerced.

One of its biggest suppliers in the world, the South Korean-owned Qingdao Taekwang Shoes Co., was now looking for ways to end the contracts of Uighur workers making Nikes in its factory, the American company said in a statement posted on its website.

Nike had been “conducting ongoing diligence with our suppliers in China to identify and assess potential risks related to employment of people from” Xinjiang, the statement said.

“Nike remains dedicated to ethical and responsible manufacturing and we are deeply committed to ensuring the people who make our product are respected and valued,” it said.

The Post reported earlier this month on labor practices at the Taekwang factory, which has been a Nike supplier for more than 30 years and produces about 8 million pairs of athletic shoes annually.

About 700 of the factory’s workers are members of the Uighur ethnic minority from the western region of Xinjiang, where the Chinese government has been on a campaign to strip the mostly-Muslim population of their culture, language and religion.

More than 1 million Uighurs have been put through reeducation camps aimed at “deradicalizing” them, according to Chinese authorities, and have now “graduated” from the camps.

In what appears to be the latest iteration of that campaign, at least 80,000 Uighurs have been dispatched in groups of 50 to work at factories across the country, the Australian Strategic Policy Institute wrote in a report published this month.

Chinese state media contains numerous reports about sending groups of young people away to work at factories where they live in dormitories and attend ideological training at “Pomegranate Seeds” schools – so called because Chinese leader Xi Jinping wants all ethnic groups to stick closely together.

On the Chinese Internet, middlemen advertise the workers like chattel.

“They will be under semi-military style management, and the staff turnover rate is low,” said one middleman who posted on Tieba, a forum like Reddit. Another notice asked: “Do you want Xinjiang Uighurs? One year contract. Government management with police stationed at factories.”

A Post reporter who visited the Taekwang factory saw dozens of Uighur workers, mostly women in their early 20s, walking around the factory area. The women were too afraid to talk, but local residents who interact with them said that they did not come to the factory freely but were sent there.

While ASPI could not categorically confirm that the labor was forced, their report said there was clear evidence of “highly disturbing coercive labor practices” that was consistent with the International Labour Organization’s definition of forced labor.

When first contacted by The Post, Nike said that its suppliers are “strictly prohibited from using any type of prison, forced, bonded or indentured labor.” Taekwang said the workers offset local labor shortages and it was not aware of any requirements that the workers undergo ideological training.

In a new statement, Nike said that Taekwang’s Qingdao facility had not recruited new employees from the Xinjiang region since last year.

Taekwang “is currently seeking expert advice on the best and most responsible approach to conclude the employment of remaining employees” from Xinjiang, it said.

“Taekwang has confirmed that their employees from [Xinjiang] have the ability to end their contracts at any time without repercussion, and historically many have chosen to do so,” Nike continued.

On Tuesday, Sen. Robert Menendez, D-N,J., accused American companies were deliberately turning a blind eye to “horrific” forced labor conditions in China’s Xinjiang region. This related to companies that use workers inside the region, not to labor exports like to the Nike supplier.

This is a particular problem for clothing and garment manufacturers because 84 percent of Chinese cotton comes from Xinjiang, Menendez wrote in a letter to Commerce Secretary Wilbur Ross.

“There are consistent reports that U.S. companies fail to undertake basic labor and human rights assessments in Xinjiang, in essence willfully ignoring the horrific conditions of forced labor in Xinjiang,” he wrote.

“In failing to uphold their responsibilities to vet their supply chains, these companies may be complicit in the mass repression of Uighurs, ethnic Kazakhs, Kyrgyz, and members of other Muslim minority groups,” he said.

Asked about Menendez’s letter, Chinese Foreign Ministry spokesman Geng Shuang said that “there is no such thing as forced labor in Xinjiang.”

“We hope certain people in the U.S. will take off their tinted glasses, and keep normal economic cooperation and trade between the two countries in perspective,” Geng told reporters in Beijing Wednesday.