Reserve Bank of Australia Governor Lowe with (likely unwarranted) upbeat comments on yesterday's news:
Lowe:
- Says China moves on Australian coal not to have dramatic effect on local economy
- might be due to China environmental concerns, or profits of domestic coal industry
- Says lot of other countries take Australian coal
- says China block of coking coal would not derail Australian economy
- Says would not jump to conclusion this is aimed at Australia
Note the coal that was blocked is of a low grade and is unlikely to find buyers elsewhere. So, yes, a lot of other countries do take Australian coal, but not the stuff that China rejected.
