People’s Bank of China (PBOC) Governor Pan Gongsheng emphasized on Thursday that “there are no winners in trade wars and tariff wars,” highlighting the negative consequences of protectionist policies.
In his remarks, Pan stressed that unilateralism and protectionism offer no sustainable solution and do not serve the interests of any nation. He reaffirmed China’s commitment to opening up its economy, supporting free trade rules, and strengthening the multilateral trading system. Pan also reiterated China’s goal to promote inclusive economic globalization and maintain global economic and financial stability.
Market reaction to these comments saw the Australian Dollar (AUD) holding steady lower, with the AUD/USD pair trading near 0.6350, reflecting a 0.15% decline on the day.
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