China’s Commerce Ministry: China is prepared to communicate with US to ease trade restrictions

Dhwani Mehta FXStreet

China’s Vice Commerce Minister said in a statement on Thursday, “China is willing to conduct candid consultations with the US to reduce restrictions on bilateral trade and investment.”

Additional comments

“China-US trade has been highly complementary, resilient.”

“Need to create a stable and predictable economic and trade environment between China and US to enhance confidence of business cooperation.”

“The risk of a global economic recession is growing, the external environment poses serious challenges, and there is a greater risk of weakening external demand.”

Market reaction

AUD/USD popped roughly 10-pips higher on the upbeat Chinese headlines. The pair bounced off daily lows of 0.6726 to test 0.6740, where it now wavers. The spot is still down 0.35% on the day amidst unrelenting US Dollar demand.

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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