Aust dollar jumps on China rate cut

By Daniel Palmer

The Australian dollar has jumped on news of a rate cut in China, with the consequent positive response on commodity markets a boon to the local currency. At 1. 15am (AEDT), the local unit was trading at US86. 96c, up from US86. 23c seen during local trade on Friday.

The news sent commodity prices sharply higher and had a positive impact on the UK-listed stock of both BHP Billiton and Rio Tinto, with the mining heavyweights seeing gains of over 5 per cent after a week of heavy falls.

Read more here: Business Spectator


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