Investors short the $A as China takes centre stage


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Whereas the Federal Reserve has lifted the cash rate by around 5 percentage points to a mid-point of 5.38 per cent since 2022, the Reserve Bank has tightened by 4 percentage points to 4.1 per cent, with traders pricing in an around 50 per chance that it’s done with raising rates. Looking vulnerable On Monday, the People’s Bank of China cut its one-year benchmark lending rate by 10 basis points and left its five-year rate unchanged, falling short of economists’ expectations for a 15 basis point cut to both. “The market is still desperate to see rhetoric translated into significant...