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China loosens monetary policy

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.  

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