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China rate cut will not help Chinese homebuilders.- Reuters

FXStreet (Bali) - Fitch Ratings notes, via Reuters, that the rate cut in China will not help Chinese homebuilders.

Headlines via Reuters

Benchmark rate cut in China will neither improve the financial profiles of Chinese homebuilders nor stimulate housing sales in any meaningful way.

The funding challenge faced by smaller homebuilders is one of access, rather than cost

Smaller homebuilders have poor access to domestic bank loans

A marginal lowering of the benchmark rate will not meaningfully alter their predicament.

Sluggish global trade – DB

The Deutsche Bank team note that the weak global trade since 2012 points to a structurally lower trade elasticity of global economic growth.
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AUD/USD pushed lower after Lowe’s comments - OCBC Bank

Emmanuel Ng, FX Strategist at OCBC Bank notes AUD/USD was pushed lower after the RBA’s Lowe reiterated the central bank view that that a lower AUD would aid in the economy’s adjustment and the currency may be expected to see more adjustments relative to fundamentals.
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