Global recession fears have pushed the Australian dollar down to its lowest level in more than two years this morning.
Sky News Business Reporter Edward Boyd says it shows how much the Australian economy depends on China amid Beijing’s COVID lockdown triggering recession fears.
“The latest lockdown is in the city of Macau, known for its gambling, and it’s also spread to other parts of China, so roughly 30 million people in China are now in lockdown,” he told Sky News Australia. “What that means is less consumption from China and Chinese consumers, less use of Australia’s number one commodity iron-ore.”
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