The Australian dollar gained after China's central bank said it would lift controls on lending interest rates, allowing financial institutions to set them.
At 6.30am AEST the local unit was trading at 91.83 US cents, up from 91.71 cents at Friday’s local close.
The announcement from the People's Bank of China on Friday night AEST saw the Aussie gain some ground over the weekend.
The central bank said the move would lower financing costs for businesses and support China's long-term economic restructuring.
Source:
http://www.theaustralian.com.au/business/markets/pboc-move-on-bank-lending-rates-boosts-australian-dollar/story-e6frg94o-1226682902106
