China rolls out property policies across nation to fix slump – Bloomberg

“A flurry of Chinese cities are rolling out measures to boost housing demand, signaling the government’s intention to arrest a property crisis,” reported Bloomberg during early Wednesday morning in Europe.

Key quotes

Various local governments have issued at least 70 property easing measures since President Xi Jinping’s Politburo called for efforts from local governments to defuse the property crisis.

Among them include a cut to the minimum down payment ratio, and asking parents to help children with home purchases.

Market reaction

AUD/USD benefits from the positive news as it picks up bids to 0.6740 by the press time. The reason could also be linked to the US dollar’s consolidation of the inflation-led gains amid a sluggish session.

Also read: AUD/USD rebounds to 0.6750 on US dollar pullback ahead of second-tier data, Fed