China and the US are maintaining close communication on the arrangement for the virtual meeting between President Xi Jinping and US President Biden, Global Times reports, citing comments from the country’s Foreign Minister.

The minister said, “China hopes the US will work with China to promote a successful meeting and push bilateral relations back on the right track.”

Earlier this week, Reuters reported that both the leaders will hold their first virtual meeting as soon as next week.

Market reaction

The US-Sino headlines fail to have any positive impact on the market sentiment, as the S&P 500 futures pare back gains to trade modestly flat around 4,650.

Meanwhile, AUD/USD holds steady just below 0.7300, as of writing.

• AUD/USD struggles to capitalize on attempted recovery beyond 0.7300 mark