On March 25, 2024, speculative investors have significantly increased bearish bets on the Australian dollar amid growing concerns over China's impact on risk sentiment. The record level of bearish pressure on the Aussie is indicated by net non-commercial futures and options positions, reaching the highest since at least 1995. This surge in selling pressure reflects the jitters around China, which have left a significant mark on risk sentiment. The Australian dollar is considered a proxy for China sentiment due to the close trade links between the two nations.