Thursday, August 27, 2015
THE Australian dollar has been dragged down as traders remain cautious about how far China's stockmarket will unwind.
At 0700 AEST on Wednesday, the currency was trading at 71.30 US cents, down from 71.82 cents on Tuesday.
Overnight, Shanghai extended its worst rout in almost 20 years, prompting the People's Bank of China to unleash fresh stimulus measures as global markets recovered slightly.
"Regional equity markets managed to hold on or even appreciate slightly yesterday, that allowed the Aussie to head back up above 72 US cents," Bank of New Zealand currency strategist Raiko Shareef said.
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