China Securities Journal: China's latest RRR cut not enough to offset tax payment

China Securities Journal (CSJ) recently crossed wires while citing further RRR cut. The watchdog also cited the need for liquidity adjustments.

Key quotes

China's latest RRR cut not enough to offset tax payment.

China may need to provide `marginal' liquidity adjustment.

FX implications

Despite witnessing a lack of response to the news by the press time of early Friday, support to further easy money from the official source indicates further recovery of the Antipodeans, especially the AUD/USD pair that currently takes rounds to 0.6800.