China passes law to counter foreign sanctions – Reuters

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.