Xi Jinping just sent the Australian dollar sharply higher

World’s tallest man, Bao Xishun. Photo by China Photos/Getty Images.

The Australian dollar is on the charge in Asia, rally against all of the major crosses.

Here’s the scoreboard as at 1pm AEST.

AUD/USD 0.7735 , 0.0038 , 0.49%
AUD/JPY 82.87 , 0.70 , 0.85%
AUD/CNH 4.8633 , 0.012 , 0.25%
AUD/EUR 0.6279 , 0.0032 , 0.51%
AUD/GBP 0.5473 , 0.0027 , 0.50%
AUD/NZD 1.0548 , 0.0016 , 0.15%
AUD/CAD 0.9805 , 0.0035 , 0.36%

The flurry of buying activity follows a speech delivered by Chinese President Xi Jinping at the Boao Forum for Asia earlier today.

Xi made all the right noises when it came to the outlook for Chinese trade policy, helping to calm investor nerves that have been rattled over the past month as trade tensions between the United States and China increased.

The AUD/USD currently sits up 0.5% at .7735, leaving it at the highest level since late March.

AUD/USD Hourly Chart

The AUD/JPY, deemed by many to be an excellent proxy for investor sentiment towards trade policy, is performing even better, sitting up 0.85% at a fresh one-month high.

AUD/JPY 4-Hour Chart

Stocks across the region are also rallying, as are US S&P 500 futures which have surged by 1.2%.

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