China’s ambassador to Australia, Xiao Qian, said that China is on track to resume imports of Australian timber from Thursday and that talks are underway about a visit by Australian Prime Minister Anthony Albanese to Beijing, per the South China Morning Post (SCMP).

Key quotes

“[On Wednesday], the Chinese customs has formally notified the Australian minister of agriculture that starting from [Thursday] China will resume import of Australian timbers.”

“Discussions about a visit by Albanese were underway and he hoped it would happen “as early as possible”.

 “The Chinese side, the Australian side we are keeping in touch with each other through diplomatic channels so we can find out the time that will be convenient for both sides.”

Australian timber imports to China have been largely suspended since late 2020 after Beijing said it had found pests in shipments.

Market reaction

AUD/USD is failing to find any inspiration from the upbeat news, trading 0.17% lower on the day at 0.6650, as of writing.