RTTN:Australian, NZ Dollars Rise As China Liberalizes Lending Norms
The Australian and NZ dollars climbed against other major currencies on Friday, as the People's Bank of China liberalized lending rates as part of pushing its reforms.
In a statement, the central bank said that it will remove all controls on lending interest rates and on rates for bills discounting.
The changes will be effective from tomorrow.
The aussie advanced to 0.9575 against the loonie and 1.4213 against the euro, off its early 3-day lows of 0.9503 and 1.4334, respectively.
The aussie spiked up to a 9-day high of 92.56 against the yen, bouncing off from a prior low of 91.61.
The aussie that recovered from an early low of 0.9155 against the greenback reached as high as 0.9235.
The NZ dollar also firmed, reaching 0.7990 against the greenback for the first time since June 19.
The kiwi hit a 1-1/2-month high of 80.09 against the yen and a 9-day high of 1.6429 against the euro.
