China’s Foreign Ministry said in a statement on Wednesday, they strongly oppose the US accusations over the human rights issues in the north-western region of Xinjiang.

The Ministry said they oppose the US’ interference in China's internal affairs.

These comments come after US Secretary of State Mike Pompeo officially declared that China is committing genocide and crimes against humanity against Uyghur Muslims and ethnic and religious minority groups who live in the Xinjiang province.

Pompeo said: "This genocide is ongoing, and...we are witnessing the systematic attempt to destroy Uyghurs by the Chinese party-state.”

"Since at least March 2017, local authorities dramatically escalated their decades-long campaign of repression against Uyghur Muslims and members of other ethnic and religious minority groups, including ethnic Kazakhs and ethnic Kyrgyz," he added.

Market reaction

 The above comments seem to have little to no impact on the broader risk sentiment, as investors continue to cheer the prospects of more fiscal stimulus ahead of President-elect Joe Biden’s inauguration ceremony.

AUD/USD clings to gains near 0.7720, up 0.30% on the day while the S&P 500 futures trades close to 3,800 levels.

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