Dollar buoyant; yuan wobbles after China cuts lending benchmarks
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 currency strategist Christopher Wong at OCBC. "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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