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Stir together ingredients for sauce in a small bowl and set aside.
Chop chicken into 1/2-inch bites.
Place chicken in a small bowl and toss with cornstarch until thoroughly and evenly coated.
Heat 1/2 cup oil in a large skillet.
Fry chicken pieces in hot oil over med-high heat until golden and cooked through (may need to do several batches so as not to crowd the pan); drain on paper toweling.
Heat 2 tbsp. peanut oil in a wok skillet and add onions when oil is hot. Cook onions until they become translucent, then add peas and carrots and cook for another minute.
Stir in chicken pieces and as it becomes hot, add sauce to the pan, and stir a few times to coat well.
Serve stir-fry with hot steamed rice.