China's central bank is reported as saying its likely to cut this year:
Given the opening session of Chinese stock markets this year:
I'm guessing the PBoC is trying to support equities. They've given AUD and NZD a boost in the meantime:
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AUD and NZD pop higher - prospect of PBoC interest rate cuts supportive
- The People's Bank of China says its likely to cut its main rate this year
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