China halts beef imports from Australian firm over banned substance – Reuters

Dhwani Mehta FXStreet

China’s General Administration of Customs said in a statement late Thursday, they have announced a ban on imports of beef from Australian firm John Dee Warwick.

This comes after they detected a banned chloramphenicol substance in some of the company’s beef loin.

The Customs said they requested a full investigation and a report to China within 45 days from the Australian side after it detected the banned substance.

Market reaction

The aussie dollar is little affected by the above news, as AUD/USD keeps its overnight range trade intact after a wild ride witnessed on the Fed Chair Jerome Powell’s speech.

At the press time, the spot adds 0.08% to trade at 0.7265.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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