China’s central bank scrapped the lending floor today, causing a spike in the Australian as traders decided to bail on AUD shorts first and ask questions later. After some time to digest, the moves probably won’t have a direct impact on the economy and might not even signal more cuts to come. The more important move will be to liberalize deposit rates but it’s not clear this makes it any more likely. Some analysts say this could even make it less likely in the near term as officials wait to weigh the impact of this move.