The Chinese state media is out with the headlines following the conclusion of the highly-anticipated virtual meeting held between US President Joe Biden and China’s President Xi Jinping.

“Xi and Biden spoke about strategic, fundamental issues during talks,” the Chinese media outlet reported.

Heading into the meeting, China’s leader Xi said that he stands ready to move US-China relations forward in a 'positive direction'.

Market reaction

The market mood remains upbeat on the Xi-Biden meeting, expecting a thaw in the US-Sino tense relationship.

At the time of writing, AUD/USD is paring back gains to trade around 0.7350, courtesy of the dovish comments from RBA Governor Phillip Lowe.

Meanwhile, the S&P 500 futures are modestly flat around 4,685.