Yellen: US concerned by China's new export controls on critical minerals, still evaluating impact

During her four-day visit to Beijing, US Treasury Secretary Janet Yellen said on Friday, “US concerned by China's new export controls on critical minerals,” adding that they are “still evaluating impact.”

Additional quotes

'Direct and clear lines' of communication at senior level in best interest of US, China.

Shift toward market reforms would be in China's interests, past reforms spurred rapid growth.

US  not seeking 'wholesale separation' of economies, looking to 'diversify' not decouple.

'Particularly troubled' by China's use of punitive actions against US firms.

US seeks level playing field for US businesses will coordinate with allies to address China's 'unfair' economic practices.

Market reaction

At the time of writing, AUD/USD, the Chinese proxy, is trading 0.15% higher on the day at 0.6635.