China passes law to counter foreign sanctions – Reuters

Dhwani Mehta FXStreet

China’s parliament voted to approve a bill, which counters foreign sanctions on Thursday, Reuters reports.

The law was passed by China's top legislature, the National People's Congress (NPC) standing committee o after a second review.

Separately, China’s Commerce Ministry said in a statement, the trade teams from China and the US remain in contact.

“The US dropping WeChat, TikTok ban is a step in the right direction,” the Ministry adds.

Market reaction

Amid conflicting headlines from China, AUD/USD remains unperturbed, currently trading at 0.7730. The spot is up 0.08% on the day, despite the strength in the US dollar.

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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