"It is concerning to see the weakness, the softness, in the recent weeks and months in the Chinese economy because it has obvious implications for us here in Australia,” said Australian Treasurer Jim Chalmers to Sky News television on Sunday per Reuters.
The news also quotes the Aussie policymaker as flagging substantial concerns about people voicing about the Chinese economy.
Australian Treasurer Chalmers cites China’s slower growth, deflation, problems with the property and banking sector, as well as softer export growth, as the key concerns while also stating, “Our concerns for China in particular is something that we're monitoring very closely.”
The policymaker also flagged expectations of witnessing a substantially weaker Australian growth due to higher interest rates from the Reserve Bank of Australia (RBA) and China's slowdown.
AUD/USD steadies near 0.6400
AUD/USD bears take a breather after a five-week downtrend, making rounds to 0.6400 amid the early hours of Monday’s Asian session while showing little reaction to the news.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds near 1.0550 after Eurozone inflation data
EUR/USD trades marginally higher on the day at around 1.0550 in the European session. The data from the Eurozone showed that the annual HICP inflation rose to 2.3% in November from 2% in October, as expected. Financial markets in the US will close early on Friday.
GBP/USD loses traction, retreats below 1.2700
After climbing to its highest level in over two weeks at 1.2750, GBP/USD reverses direction and declines to the 1.2700 area on Friday. In the absence of fundamental drivers, investors refrain from taking large positions. Nevertheless, the pair looks to snap an eight-week losing streak.
Gold price eases off weekly highs, remains above $2,650
Gold eases from weekly highs but holds moderate gains above $2,650 on Friday. XAU/USD builds on this week's goodish rebound from the $2,600 neighborhood. US President-elect Trump's tariff plans, Russia-Ukraine geopolitical risks and dovish Fed bets power the bright metal.
Bitcoin attempts for the $100K mark
Bitcoin (BTC) price extends its recovery and nears the $100K mark on Friday after facing a healthy correction this week. Ethereum (ETH) and Ripple (XRP) closed above their key resistance levels, indicating a rally in the upcoming days.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.