Coal for the goal! From NewDaily:
China’s state planner has quietly allowed the resumption of coal imports from Australia for the first time since a trade ban was imposed in 2020.
Three central government-backed China utilities and a top steelmaker have been given permission to purchase Australian coal only for their own use, it has been reported.
It’s the first such move since Beijing imposed an unofficial ban on coal trade with Canberra two years ago.
The partial easing of China’s biggest sanction against Australia comes after the two countries’ foreign ministers met last month to reset frosty diplomatic relations.
This was rumor yesterday and now priced in as fact, helped along by last night’s release of the US Federal Reserve’s FOMC minutes. As a result, the Australian dollar almost hit the 69 cent level against King Dollar:
The ASX200 was up sharply at the open but has moderated those gains at lunchtime.