Former Chinese Finance Minister Lou Jiwei expressed his view on the likely US-China trade relationship on Biden’s presidency.
Key quotes
“Even if Biden is president, US-China trade frictions won’t necessarily be eased. “
“Financial institutions should be determined to deleverage debt levels in an orderly manner, prevent debt-fuelled recovery.”
“It is time to study the exit of monetary policy, not fiscal policy.”
Market reaction
The Chinese proxy, the AUD, is little affected by the above headlines, as AUD/USD reaches fresh six-day lows near 0.7220 amid growing coronavirus fears.