Chinese state researchers have rejected calls from Europe and Japan to let the Chinese currency appreciate. Chief economist at the State Information Centre in China, Mr Zhu Baoliang, said policy makers are unlikely to allow its currency to appreciate this year and that foreign pressures won’t push the Chinese government to resume appreciation.
This story plus the fact that the “Chinaman” has been seen selling AUD and NZD aggressively has weighed on the majors. There has been some risk taken off the table over the last hour or so.