Will work to de-escalate the war in Ukraine

Following US President Joe Biden’s warning to Chinese President Xi Jinping that Beijing supports Russia’s invasion of Ukraine, Qin Gang, China’s ambassador to the United States, said they would “do anything” to de-escalate the war in Ukraine.

Key quotes

“There is misinformation that China is providing military assistance to Russia.”

“China does not send” weapons and ammunition to any party. “

“We will do everything we can to escalate the crisis.”

“China usually has trade, economic, financial, energy cooperation with Russia.”

“Normal business between two sovereign countries.”

While China has “a lot of common interests” with Russia, “it is not a responsibility, China is part of the solution, it is not part of the problem.”

Market reaction

US-China failed negotiations and escalating Ukraine situation limits upside in AUD / USD as aussie draws support from higher raw materials prices.