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News of Biden’s remark circulated, after Antony Blinken, the United States Secretary of State, had a meeting with Chinese President Xi Jinping on Monday.

Xi commented:

The meeting is seen as an indication of improved relations between the two nations, which is viewed positively by markets.

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The AUD, otherwise known as the Australian dollar, is the official currency in Australia as well as in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, and other independent Pacific states. It was first introduced in 1966 and is now ranked as the fifth most traded currency globally, following the US dollar, euro, Japanese yen, and British pound. Forex markets heavily rely on the AUD and it is frequently utilized as a carry trade against other major currencies. The central bank responsible for the AUD is the Reserve Bank of Australia (RBA).

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