The Minister of Trade and Export Growth Damien O'Connor says he hopes to make solid progress on free trade agreements on his visit to the UK and EU next week.
6/7/2021 3:12:32 AM GMT | By Anil Panchal
AUD/USD pays a little heed to China’s trade figures for May.
China Trade Balance eased below $50.5 B forecasts, Exports weakened but Imports increased.
Downbeat market sentiment exerts additional pressure on the prices.
Headlines concerning China trade, Aussie rating and Fed’s next moves entertain traders amid a quiet session.
AUD/USD stays on the back foot around 0.7235, down 0.05% intraday, following China’s trade numbers for May, published early Monday. In doing so, the risk gauge seems to take clues from the market’s downbeat sentiment amid a quiet session.
China’s headline Trade Balance stepped back from $50.50 B market consensus to $45.53 B. Details suggest the Exports dropped below 41.6% expected and 32.3% previous readouts to 27.6% but the Imports grew matched 51.5% upbeat forecasts.
A free trade deal between Australia and the UK will send a powerful signal to China and provide a huge boost to exporters in both nations, according to UK Trade Secretary Liz Truss.
Ms Truss believes a deal will show the world that London and Canberra support free and fair trade and slammed Beijing for what she called pernicious practices .
Over the past year China has blocked major Australian exports including barley, wine, coal, seafood, timber and beef and has also been accused of unfairly subsiding failing state-owned companies.
The trade restrictions came after Scott Morrison called for an independent inquiry into the origins of the Covid-19 pandemic in June last year.
SOURCE / GT VOICE
By Global Times Published: May 27, 2021 08:58 PM
People walk past a closed shop near London Waterloo train station in London, Britain, on April 9, 2021. COVID-19 deaths in Europe surpassed the one million mark on Friday, reaching 1,001,313, according to the dashboard of the World Health Organization s Regional Office for Europe.Photo:Xinhua
Some Western politicians have long trumpeted their support for free trade, but in reality, its becoming common to see them issue prejudicial warnings against normal trade practices that go against their political interests.
The latest example of such phenomena is the remarks made by UK Trade Secretary Liz Truss during an interview with Politico on Wednesday. The UK must not become dependent on trade with China, the trade secretary said, while acknowledging the necessity of maintaining economic and trade relations with China.