At the end of last week the Yuan weakened to the lowest level in 2 years. On Saturday the Peoples Bank of China surprised markets and cut the lending and deposits rates, for the second time in 4 months. The move is an attempt to ease monetary policy to fuel further growth.
Following the move, miners got a lift as traders expect Chinas expansion to increase their demand. The Australian dollar also was buoyed, as a major trading partner of China, and a key exporter of commodities.