The safe-haven dollar stayed firm against major peers while the yuan sank to a nine-month trough after China's central bank unexpectedly cut key policy rates for a second time in three months on Tuesday to shore up the country's sputtering economy.
Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration
The yuan weakened as far as 7.3115 per dollar for the first time since Nov. 4 in offshore trading , before bouncing back as major state-owned banks were seen selling dollars to support the local currency. The Australian dollar , which often acts as a proxy trade on China, dipped as much as 0.39% to $0.6463 but failed to breach Monday's nine-month low of $0.6454. It last sat 0.13% weaker at $0.6479.
"There's a floor under , and any rumours of stimulus could light the bullish match for these markets to bounce."
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