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Aussie lower as Shanghai share market falls

It is a steadier morning part of the session for Aussie with no major data releases. However, eyes are still on China after last week's devaluation of yuan. Shanghai share market fell more than 6% on Tuesday on worries than the Chinese government won’t intervene any further to prop up its share market or the economy. The development weighed heavily on base metals prices overnight. Read more...

Yuan will move in both directions

The yuan will probably move in both directions in the future following last week’s devaluation as the economy stabilizes, according to Ma Jun, chief economist at China’s central bank.
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Aussie higher, gold under pressure

There were no major data releases from Australia this morning, Aussie managed to rebound, however this is only of a short-term basis. Commodities are crashing, stocks selling off, confidence in the Chinese economy falling sharply and the Federal Reserve increasingly looking like it will begin its tightening cycle this September. Overnight, Chinese stock market regulators vowed to intervene to stem a massive sell-off triggered by last week’s decline in the Caixin PMI manufacturing index.
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China's industrial profits dropped 0.3%

Chinese industrial profits, which rose on an annual basis in April and May, dropped in June, adding to pressures on a economy that is struggling to regain momentum. Profit at China's industrial firms dropped 0.3% in June from a year earlier, the National Bureau of Statistics (NBS) said on Monday. Read more...

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