China's stunning shutdown of Australian coal shipments: What you need to know

Yuri Smityuk\TASS via Getty Images

• The northern Chinese port of Dalian has reportedly banned imports of Australian coal infinitely.
• This follows separate reports of delays in Chinese customs clearing Australian coal imports at other major ports.
• Senior officials from both China and Australia have attempted to douse concerns that it could be the start of escalating trade tensions.
• The reaction in financial markets suggests investors are concerned that the Chinese move may not be the last.
• China accounted for 22% and 24% of Australia’s thermal and coking coal exports last year.

There are reports that China has banned Australian coal exports from entering a major northern Chinese port, and investors are more than a little worried that it could lead to an escalating in tensions between the two nations.

According to Reuters, the port of Dalian has slapped an indefinite ban on Australian coal imports, a move that follows separate reports of delays in Chinese customs clearing Australian coal imports at other major ports.

See the rest of the story at Business Insider

NOW WATCH: Wall Street heavyweights set the record straight on the proposed 70% super-rich tax they say is wildly misunderstood

See Also:

• Share your opinion — become a BI Insider!
• Nike is facing backlash after Zion Williamson's shoe exploded
• I got more than $2,000 worth of value from the American Express Platinum credit card in my first year — despite its $550 annual fee

from Business Insider https://ift.tt/2XhTwzf