China was growing its presence in the global economy and what
it announced in terms of monetary policy was becoming
important to financial markets, Hayes Asset Management
portfolio manager Craig Robins said.
China has sparked fears of a global currency war after the
People's Bank of China set the reference rate for its
currency more than 1% lower against the US dollar yesterday,
its third reduction in three days.
The transtasman currencies fell sharply yesterday after China
allowed its yuan to fall to levels last seen in 2012, a move
which could provide a competitive boost to exports from the
world's second-largest economy.