Australian dollar jumps after strong reference rate setting for onshore yuan (CNY) ...Middle East

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Australian dollar jumps after strong reference rate setting for onshore yuan (CNY)
source : forex live ( Middle East ) () 18
A very strong yuan setting today:PBOC sets USD/ CNY central rate at 7.1406 (vs. estimate at 7.1677)AUD catching a wee bid:AUD/USD back to the high it hit after the RBA minutes earlier:RBA minutes show intense focus on inflation and inflation expectations risksThe reason AUD tends to like a strong yuan is that China is the destination for the biggest chunk of Australia's exports, a strong yuan gives China more leeway to buy Aussie exports (iron ore and what have you mainly). This article was written by Eamonn Sheridan at www.forexlive.com.

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