China’s Commerce Ministry: US made 'false accusations' in report on WTO compliance

Dhwani Mehta FXStreet

China’s Commerce Ministry said on Monday, "the US falsely claims that China has created 'overcapacity', which fully reflects the US side's unilateralism and hegemonic behavior."

US side ignores 'great achievements' made by China in fulfilling its World Trade Organization (WTO) commitments, denies important contribution made by China to multilateral trading system and world economy,” the Ministry responded to the US report about China's WTO accession.

Separately, China’s authorities said that the Fujian Coast Guard is boosting patrols in waters near Taiwan’s Kinmen islands "to strengthen law enforcement inspections in key areas, effectively maintain the order of operations in the relevant sea areas, and effectively safeguard the safety of fishermen's lives and property."

Market reaction

At the time of writing, AUD/USD is losing ground to trade near 0.6550, down 0.08% on the day.

Australian Dollar price today

The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the Japanese Yen.

	USD	EUR	GBP	CAD	AUD	JPY	NZD	CHF
USD		0.05%	0.09%	0.06%	0.16%	-0.03%	0.31%	0.07%
EUR	-0.04%		0.04%	0.02%	0.12%	-0.07%	0.27%	0.02%
GBP	-0.09%	-0.04%		-0.02%	0.07%	-0.11%	0.23%	-0.02%
CAD	-0.05%	-0.02%	0.01%		0.11%	-0.09%	0.25%	0.00%
AUD	-0.17%	-0.12%	-0.07%	-0.10%		-0.18%	0.15%	-0.10%
JPY	0.03%	0.07%	0.15%	0.09%	0.17%		0.33%	0.08%
NZD	-0.30%	-0.27%	-0.22%	-0.25%	-0.15%	-0.33%		-0.25%
CHF	-0.06%	-0.02%	0.03%	0.01%	0.11%	-0.09%	0.26%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

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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