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Commodity-linked currencies under selling pressure

Posted on 24 October 2013

The commodity-linked currencies of Australia, New Zealand and Canada fell against the dollar Wednesday, weighed down by fears China will tighten monetary policy. The Australian dollar tumbled 1% against the buck after short-term Chinese rates jumped. The SHIBOR overnight interest rate rose to 3.78% Wednesday, the highest level since Sept. 23.
Foreign-exchange strategists at Societe Generale in London noted that the People’s Bank of China has withdrawn 44.5 billion yuan ($7.2 billion) from the financial system since Oct. 17. That alongside the seven-day repo rate rising to above 4% has generated “fears of Chinese policy tightening,” the strategists said………………………………………..Full Article: Source


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