The announcement yesterday from Beijing to step up the redevelopment of urban slum areas is being seen as a message that authorities there are trying to calm markets in the wake of the liquidity crunch:
“We need to maintain the policy’s continuity and stability and stabilise market expectations,” Xinhua quoted the State Council, after a meeting chaired by Premier Li Keqiang
(The State Council compromises the highest Chinese officials)
More at The South China Morning Post
Other reports yesterday said that liquidity conditions are expected to improve in July. Such developments were a positive for the AUD.
