That can't be good news
Trump is going to campaign on being tough-on-China. That that might just be another exercise in gaslighting but this is certainly an opportunity to step up with something serious on Hong Kong. My guess is that its special status is revoked and it's tough to say if that's fully priced in (of if they market cares when it will be). The spot to watch is USD/CNH.
So far, AUD doesn't like the announcement of the announcement.