indictments against the company alleging both IP theft and sanctions violations, and the US has been pressing its allies to ban Huawei 5G network equipment over security concerns), Beijing may have an ulterior motive in cracking down on coal imports: Support domestic prices.

As Reuters adds, Beijing has been trying to restrict imports of coal more generally to support domestic prices. A Beijing-based coal trader said Dalian had cleared about 6 million tonnes of coal in January that had been delayed since late 2018 as China slowed customs clearance to curb imports.

The delayed cargoes would not be included in the 12 million tonnes under the 2019 quota, he added, citing customs information. Dalian handles both thermal and coking coal imports but the clamp down is expected to have afar, at least, the ban has apparently had the desired effect. Diplomats in Canberra don't know what the hell is going on. The Aussie is sliding, as are shares of the country's miners. Soon enough, we will probably hear from economists and maybe even the RBA for an analysis of what the impact might be on Australian GDP.

So will Australia capitulate on its decision to ban Huawei from building a 5G network in the country on national security grounds. Given Germany and the UK's decisions to begrudgingly allow Huawei access following demands from their telecoms industries, and with the threat of losing one of its biggest trading partners, it at least has a convenient excuse.