The U.S. military said on Sunday it is searching for remnants of the suspected Chinese surveillance balloon it shot down a day earlier, while Beijing on Monday urged Washington not to escalate or take further action to harm its interests.
A U.S. fighter jet shot down the balloon in the Atlantic off South Carolina on Saturday, a response China described as an "obvious overreaction".
"China firmly opposes and strongly protests against this," China's Vice Foreign Minister Xie Feng said in remarks to the U.S. embassy in Beijing that were posted on the ministry's website on Monday morning.The balloon incident comes as the United States and China had sought to bolster communications and begin to mend ties that had been under severe strain in recent years over tensions on several fronts, including U.S.
China has warned of "serious repercussions" and said it will use the necessary means to deal with "similar situations", without elaborating, although some analysts said they expect anyBrokerage ING said in a Monday note that the incident could exacerbate the "tech war" and would have negative near-term impact on China's yuan currency.
"Both sides will likely impose more export bans on technology in different industries. This is a new threat to supply chain disruption, although the risk of logistical disruption from Covid restrictions has now disappeared," it said.China's yuan fell to a low of 6.8077 per dollar in early Monday trading, touching the weakest level in nearly a month.
Reporting by David Lawder, Kanishka Singh, Gram Slattery and Andy Sullivan in Washington and Bernard Orr and Tony Munroe in Beijing; Editing by Michael Perry
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