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Australia wants its ‘mutually beneficial’ relationship with China to improve, the country’s Treasurer Josh Frydenberg said in a CNBC interview ahead of the World Economic Forum (WEF) in Davos.

Key quotes

“The China-Australia trading relationship is … very important.”

 “It’s mutually beneficial. Our resources have helped underpin China’s economic growth and we welcome that.”

“At the same time, China has been a very important market for Australia and our exports to China have helped boost incomes here in Australia – been an important source of revenue and job creation.”

“We’ll continue to advocate and speak up for Australia’s national interest but that shouldn’t preclude, again, strong relationships in the region and historically, we’ve had a very good partnership with China and we’d like to see that continue.” 

On ties with the US, “we’re looking forward to a very constructive relationship between the U.S. and Australia and it’s one that is critically important, not just to Australia but to the United States as well.”

Market reaction

AUD/USD is off the highs but remains strongly big near 0.7740, as the bulls gather pace for the next leg higher.

  • AUD/USD Price Analysis: Pennant breakout, bullish crossover on 1H chart point to more gains