A very strong yuan setting today:
AUD catching a wee bid:
AUD/USD back to the high it hit after the RBA minutes earlier:
The 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. Source