After a high-profile meeting between the two countries on Sunday, Australian Prime Minister Anthony Albanese dismissed the possibility of a reset in relations with its closest trading partner, China.

Key quotes

 It was “always a good thing that people have dialogue and have discussions,” something which he said had been “missing” under the previous Australian government.

“They need to remove those sanctions in order to improve relations between Australia and China.”

“It is China that have imposed sanctions, it is China that has changed, and it’s China that needs to remove those sanctions.”

Market reaction

AUD/USD keeps its recovery momentum intact from monthly lows, despite the Australian-China gloom, as the US dollar bulls take a breather.

The aussie was last seen trading up 0.60% on the day at 0.6965.