RSS ForexLive Asia-Pacific FX news wrap: PBoC and NDRC with China-supportive comments

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 RSS ForexLive Asia-Pacific FX news wrap: PBoC and NDRC with China-supportive comments

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China took centre stage again during the Asia session, with Japanese markets closed for another holiday.

The Financial Times reported that the People’s Bank of China says an interest rate cut this year is likely at an “appropriate time”. Note that the main policy rate in China is the OMO reverse repo. This is currently at 1.5% and its this the PBoC says it'll be cutting.

AUD/USD and NZD/USD traded a little higher on this news.

There was follow-up from China, with the State Planner (the National Development and Reform Commission of the People's Republic of China (NDRC) is the state planner) holding a briefing to outline further supportive measures to come this year. More on the PBoC and NDRC in the points above. Chinese equities found some support on the news.

From South Korea we had news that police efforts to arrest impeached President Yoon Suk Yeol were blocked by his presidential security. The stand off continues. South Korean equities rose …

Major USD FX rates traded in subdued ranges. USD/JPY has fallen away a little, circa 157.25 or so as I update.

Gold continued to tick higher, as did oil.

This article was written by Eamonn Sheridan at www.forexlive.com.
 
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