China’s Pres. Xi: “We need to stand firm against protectionism, unilateralism”

China’s President XI Jinping is on the wires now, via Reuters, delivering a keynote address at the annual party meeting.

Key Quotes:

We must take more steps, work together to make the pie of the global market bigger.

We must explore new ways of international cooperation.

We need to stand firm against protectionism, unilateralism.

Need to bring down trade barriers.

Countries need to step up cooperation in innovation, remove barriers that hamper flow of knowledge, tech in innovation.

Need to tighten protection of intellectual property.

We need to uphold the core values and basic principles of the multilateral trading system.

China will open its door only wider to the world.

China will better leverage the fundamental role of domestic consumption in economic development.

China will continue to lower tariffs and institutional transaction costs.

China will continue to improve the business environment.

China will continue to lower barrier for foreign investment.

China supports necessary reforms to the WTO so that it can play a bigger role in promoting openness and development.

China will speed up negotiations on China-EU investment agreement and China-Japan-South Korea FTA.

The Aussie is seen finding some support from the PBOC MFL rate cut as well as from the upbeat comments from Xi, as it attempts a tepid bounce from four-day lows of 0.6876.