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Speaking to Australian media on Thursday, the Prime Minister (PM) Scott Morrison said that his country would not be intimidated or give into coercion when probed about China’s retaliation to Australia’s call for an inquiry into the origins of the coronavirus pandemic.

China, lately, banned Australian beef imports and imposed tariffs on OZ’s barley.

Key quotes

“We are an open-trading nation, mate, but I’m never going to trade our values in response to coercion from wherever it comes.”

“That’s rubbish. It’s a ridiculous assertion and it’s rejected. That’s not a statement that’s been made by the Chinese leadership, “responding to China’s accusations of racism against Asians.

Market reaction

The AUD/USD pair is losing 0.25% to trade at 0.6980, with the upside attempts capped by the 0.70 mark amid broad risk-aversion. The Australia-Sino tensions also remain a drag on the aussie dollar.

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