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Beijing unleashes emergency support

Monday, Jul 06 2015
Chinese stocks rose on Monday after Beijing unleashed an unprecedented series of support measures over the weekend to stave off the prospect of a full-blown crash that was threatening to destabilise the world's second-biggest economy.
 
In an extraordinary weekend of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-backed margin finance company, which in turn would be aided by a direct line of liquidity from the central bank.
 
This news caused initial decline in Aussie which fell below 0.75 handle, but managed to rebound and is currently being traded few points above it. Pair is likely to find support around 0.7440 level and resistance above 0.7530 area. Later today, in the US session, ISM Non-Manufacturing PMI figures are scheduled for a release.
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