The People's Bank of China has just moved to lower the floor on lending rates, potentially easing credit to corporations.
Bloomberg's Michael McDonough has some perspective.
PBOC says floor on lending rates will be removed from tomorrow, according to a statement on its website today. -Bloomberg
— Michael McDonough (@M_McDonough) July 19, 2013
This is a massive step toward interest rate liberalization in China well ahead of most people's expectations. (long-term positive)
— Michael McDonough (@M_McDonough) July 19, 2013
Futures and the Aussie dollar have popped.