Markets haven't even begun to reflect China-US decoupling risks

The writer is a research associate at Oxford university's China Centre and author of 'Red Flags: Why Xi's China is in Jeopardy' Investors have been given a clear warning of the decoupling dichotomy between China and the US running through global capital markets. The sharp sell-off in newly listed shares of ride-hailing group Didi in the US after China launched a security probe into it has illustrated the risks. Beijing now wants to curb, if not eventually prohibit, Chinese companies' access to US capital markets where they will increasingly have to [submit](//www.ft.com/content/fb33b46b-0ea6-42ca-9419-4c4b256974c7) to normal regulatory and disclosure requirements. Washington is…