Closely watching concerning signs of China’s economic weakness

“It is concerning to see the weakness, the softness, in the recent weeks and months in the Chinese economy because it has obvious implications for us here in Australia,” said Australian Treasurer Jim Chalmers to Sky News television on Sunday per Reuters.

The news also quotes the Aussie policymaker as flagging substantial concerns about people voicing about the Chinese economy.

Australian Treasurer Chalmers cites China’s slower growth, deflation, problems with the property and banking sector, as well as softer export growth, as the key concerns while also stating, “Our concerns for China in particular is something that we’re monitoring very closely.”

The policymaker also flagged expectations of witnessing a substantially weaker Australian growth due to higher interest rates from the Reserve Bank of Australia (RBA) and China’s slowdown.

AUD/USD steadies near 0.6400

AUD/USD bears take a breather after a five-week downtrend, making rounds to 0.6400 amid the early hours of Monday’s Asian session while showing little reaction to the news.