Li Zhong, China’s Vice Minister of the Ministry of Human Resources and Social Security, said on Thursday that Beijing will focus on expanding jobs and promote fiscal, monetary and industrial policies to support job market stabilization.

Key quotes

“Overall job employment remains stable, but pressure has been persisting.”

“Over 2.6 trillion yuan reserves available in national social security fund, can ensure pensions are paid out on time and in full.”

Also read: China announces additional stimulus worth CNY1 trillion to rescue economy

Market reaction

The Chinese stimulus-led market optimism is boding well for the aussie, as AUD/USD adds 0.77% on the day to trade at 0.6977, as of writing. Meanwhile, USD/CNY drops 0.19% to 6.8453, extending its retreat from two-year highs.