China freezes high-level economic dialogue with Australia

China's Freezing Of Economic Talks'Disappointing, Says Australia

China said on Thursday it had suspended an economic agreement with Australia

Matt Bekier, CEO of No.2 Australian casino operator Star Entertainment Group Ltd, which relied on Chinese tourists as a key revenue source until Australia closed its borders due to the pandemic, told the Macquarie Australia Conference he was unconcerned about China's suspension of the Strategic Economic Dialogue.

AUD/USD came under fresh selling pressure on the above news, falling over 50-pips from near-daily highs of 0.7758 to hit fresh daily lows of 0.7702.

China has chose to "indefinitely suspend" all activities under the China-Australia Strategic Economic Dialogue, the country's state planner, the National Development and Reform Commission, said in a statement explaining the decision on Thursday.

Sino-Australian relations have been in a downward spiral since April previous year when Canberra infuriated Beijing by proposing an independent worldwide inquiry into the origins of the COVID-19 pandemic.

Australia's federal parliament granted veto power over foreign deals by states in December amid the deepening diplomatic dispute with China, which has imposed a series of trade sanctions on Australian exports ranging from wine to coal.

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Beijing will "indefinitely suspend all activities under the framework" of the agreement, the statement said.

The spot was last seen trading at 0.7715, down 0.385% on the day.

But relations between the two have sunk into the deep freeze.

Australia's Prime Minister Scott Morrison speaks during an address at the Australia-Israel Chamber of Commerce luncheon in Melbourne on May 6, 2021.

"Up until now, both Canberra and Beijing have been saying that the lower level day-to-day nitty-gritty continues as normal".

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This will help the United Kingdom and the world to defeat the coronavirus pandemic and other deadly diseases. This export deal is worth £200 million and will result in the creation of 100 new jobs in the UK.

Mr Laurenceson said Beijing appears to be a responding directly to the Australian government's cancellation of two deals that the state of Victoria struck with China as part of its flagship Belt and Road Initiative.

But critics have claimed the stand-off between the two sides is cover for Beijing to create geopolitical and financial leverage.

Darwin is the most important port on Australia's north coast, the closest to Asia and a base for US Marines who rotate in and out of the country.

It will take immediate effect.

Defence Minister Peter Dutton has warned that China was militarising ports in the Asia Pacific.

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Another tornado, an EF-1 with peak winds of 90 miles per hour winds, hit Calhoun City on a 2-mile track, the weather service said. Threats with any of the storms that form tomorrow will be damaging wind gusts, heavy rain, isolated tornadoes, and hail.

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