Amid the Pacific major’s tussle with China, Australia shows readiness to offer Tiananmen-style visas to Hong Kong residents currently in the nation, per the Sydney Morning Herald. The news also mentions that the move comes up as the federal cabinet considers tearing up an extradition treaty with the Chinese territory.
Key quotes
The move will mark the most significant offer to Chinese migrants from an Australian Prime Minister since Bob Hawke offered 27,000 students in Australia places following the Tiananmen Square massacre in 1989.
Scott Morrison will on Wednesday night assess cabinet proposals to provide safe haven to thousands of students and other temporary migrants from Hong Kong already in Australia.
Cabinet will also examine ways to bolster skills and investor stream places for those looking to leave Hong Kong after Beijing introduced extraordinary new national security laws that will criminalize dissent in the former British colony.
Hong Kong's newly established National Security Office on Wednesday occupied a major hotel that towers above Victoria Park, a popular protest site, and replaced the Metropark Hotel's icon with China's national emblem.
Market implications
The move could spark fresh risk-off sentiment if China chose to retaliate, which it most likely be. However, no immediate reaction could be witnessed as the AUD/USD pair stays unchanged around 0.6980 while keep attacking 0.7000 for the fourth time in a week during Thursday morning in Asia.
Read: AUD/USD: Bulls keep the reins with eyes on 0.7000 ahead of China CPI/PPI
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