The People's Bank of China announced on Thursday that it maintained the Loan Prime Rate unchanged across the time curve, as widely expected. The Chinese central bank maintained the one-year and five-year LPRs steady at 3.45% and 3.95%, respectively. In February, the PBOC lowered the five-year LPR by 25 basis points from 4.20% to 3.95. Market reaction At the time of writing, AUD/USD is holding lower ground near 0.6670, losing 0.05% on the day.
How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar . When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected.
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