The yuan slipped toward seven-month lows on Tuesday as China cut lending benchmarks, while the Australian dollar fell after its latest central bank meeting minutes showed keeping interest rates unchanged had been under consideration.
its one-year and five-year loan prime rates by 10 basis points, the first such easing in 10 months as authorities seek to shore up a slowing economic recovery.
"Markets were expecting bigger support and were hoping for a larger LPR cut," said OCBC currency strategist Christopher Wong. "The delivery of a smaller LPR cut came as a signal of lesser support and the disappointment was felt in softer ." The yen has come under renewed pressure amid rising interest rate differentials between Japan and other developed markets.
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