Chinalco, the giant Chinese mining company has been trying to acquire an 18% in Rio Tinto the Anglo-Australian mining company. Chinalco’s president is quoted in the Chinese media as saying they are discussing possible changes to the deal but he denies that they will reduce the stake to 15% from 18%.
AUD/USD is has dipped from rebound highs in the wkae of the comments, trading now at 0.7745. Dealers note steady demand for AUD/JPY today from Japanese investment trusts (mutual fund-like investments for retail investors) as risk appetites pick up globally.
