China’s Commerce Ministry: China and US should avoid taking new trade restrictions

China’s Commerce Ministry reiterated in its latest statement released on Thursday, China and the US should avoid taking new trade restrictions.

The Ministry also said that both countries should work in concert.

This comes after Reuters cited sources familiar with the matter, saying that China plans to buy over 30 million tonnes of crops for state stockpiles amid the coronavirus epidemic.

The sources said that bulk of farm goods to come from the US.

Market reaction

Following a sharp contraction in the Asian and European Manufacturing and Services PMI reports, the market mood has turned sour, with the European equities and US stock futures drop back into the red zone.

The anti-risk yen is firming up vs. the US dollar near 107.50 while AUD/USD is off the highs near 0.6335 amid a broad USD comeback.