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"China has never resorted to competitive devaluation," said Sheng, deputy head of Shanghai-based CEIBS Lujiazui Institute of International Finance. "The market plays the main role in determining the exchange rate of the RMB."

"China always acts entirely in accordance with the law," Lu said, noting that consequences will be up to Canada.

"China has encouraged Chinese companies to carry out the cooperation on the basis of equality and mutual benefit and according to business principles," Foreign Ministry spokesman Lu Kang said in a daily news conference.

"By November, the weighted increase may usher in .6 billion of fresh foreign capital into the A-share market, as MSCI indexes are used in the investment of trillions of US dollars," Zhang said.

"By definition, these are US-based, US-taxpaying jobs. Most employers have learned through the pandemic that they can keep workers abroad at lower cost— without paying the ,500-plus government H-1B filing fee, plus legal fees. So if they are going to the trouble to hire an H-1B worker, it's because there are typically at least eight US workers who are also needed stateside," she said.