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Aussie dollar falls on reported coal ban from China — but analysts see limited impact
The Australian dollar tumbled from levels above $0.7200 to below $0.7100 following reports that China banned coal imports from the country at a major port. Reuters reported on Thursday that customs at the Chinese port of Dalian has banned imported Australian coal since February, and will “cap overall coal imports from all sources to the end of 2019 at 12 million tonnes.” It also said that major ports elsewhere in China prolonged clearing times for Australian coal to at least 40 days. On Friday morning, the Australian dollar traded at $0.7092 at 12:32 a.m. HK/SIN while local coal stocks mostly sold off. Shares of ... (full story)