Source: US-China group seeking to bolster financial ties to meet in autumn – Reuters

Reuters rely on an anonymous source to release a piece of news, first published by Bloomberg, saying, “A group of Wall Street figures and Chinese officials aiming to strengthen financial sector ties and bolster bilateral relations plans to hold a virtual meeting for the first time in a year.”

Key quotes

The China-U.S. Financial Roundtable (CUFR), formed amid escalating tensions in 2018, last met virtually in October 2020 after meeting twice in person in the previous year, before the coronavirus outbreak.

Previous meetings have been organized and hosted by Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC) and president of the CUFR.

The meeting typically includes a first session focused on the financial sector and a second that discusses broader bilateral issues.

It will take place as China has accelerated the pace of opening up its massive financial sector to U.S. firms in recent years despite rising Sino-U.S. tensions, after years of lobbying to get better access.

Participants in last year's event included officials from U.S. financial heavyweights including Fidelity, Citi, JPMorgan and BlackRock.

FX implications

The news seems to have added to the market’s risk-on mood, underpinning the AUD/USD prices, edging higher around the weekly top close to 0.7280.

Read: AUD/USD advances towards 0.7300 on firmer market sentiment