China Finance Ministry: We hope US to take 'concrete' actions to create favorable environment

Anil Panchal FXStreet

“We hope US to take 'concrete' actions to create favorable environment for healthy development of economic, trade ties between china and US,” said China Finance Ministry early Friday per Reuters.

China Finance Ministry statement also mentions, per Reuters, that the need to avoid trade war and "decoupling" while stating the importance of economic and trade relations.

Comments from China's Finance Ministry become more important considering US Treasury Secretary Janet Yellen’s presence in Beijing to address “unfair practices” termed by the Biden administration per Reuters.

It’s worth noting that the recent tit-for-tat trade war between the US and China contributes to the market’s risk-off mood and underpins the US Dollar’s safe-haven demand.

However, cautious sentiment ahead of the all-important US employment report for June limits the markets’ reaction to the news.

AUD/USD struggles above 0.6600

With this, the AUD/USD pair remains sidelined around 0.6630 while snapping a two-day losing streak by the press time.

Also read: AUD/USD sticks to modest gains around 0.6630, upside seems limited ahead of US NFP

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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