Moody’s says it has uncovered another potential $540 billion of local government debt and the overall outlook for China’s banking system may be downgraded in the absence of a plan to deal with the issue of local government debt.
AUD/USD is trading near session lows at 1.0685 as this, the rate rumours, and the RBA all weigh.
Next chart support is at 1.0670 with first Fibo support at 1.0635
