China’s new ambassador to Australia Xiao Qian urges both the countries to get their diplomatic relationship “back to the right track” after more than four years of sourness, per Bloomberg.

Key quotes

The two governments were at a “critical juncture.”

The relationship faced “many difficulties and challenges as well as enormous opportunities and potentials.”

Looked forward “to working with the Australian government and friends in all sectors to increase engagement and communication.” 

Australian Trade Minister Dan Tehan said Wednesday that China’s “economic coercion” against the country had been unsuccessful, with no new sanctions being imposed in a year. 

Market reaction

AUD/USD is flirting with daily lows near 0.7075, little impressed by encouraging comments from China’s diplomat.

The spot is down 0.46% on the day, currently trading at 0.7079.