China’s Commerce Ministry: US-Sino economic, trade teams maintaining normal communication

Economic and trade teams from China and the US have maintained normal communication, China’s Commerce Ministry said in its latest statement.

Key quotes

“In the first seven months of the year, bilateral goods trade volume surged 40 percent year on year.”

“During the period, China's imports from the United States jumped by 50.4 percent from a year ago, while exports expanded 36.9 percent year on year.”

“That fully shows the economies of the two countries are highly complementary.”

“Bilateral trade cooperation is in line with the interests of the two countries and two peoples.”

Market reaction

The upbeat remarks on the US-China trade front are adding to the mixed market sentiment, as investors remain wary about the rising geopolitical risks over Afghanistan and Fed’s hawkish expectations ahead of Chair Jerome Powell’s opening remarks at the Jackson Hole Symposium.

AUD/USD is attempting a bounce from multi-day lows, currently trading around 0.7235, ignoring the downbeat Australian Retail Sales data and covid updates.