Australian Dollar Attempts to Rally After Good News from China

The Australian dollar attempted to rally today on the back of good news from China. The currency had been successful at first but has pared gains after the initial surge, losing them almost completely against the US dollar.
The People’s Bank of China announced today:

The one-year RMB benchmark loan interest rate and deposit interest rate will both be lowered by 0.25 percentage points, to 4.6 percent and 1.75 percent, respectively.

This move showed that China’s policy makers are serious about stimulating the economy in an attempt to reignite slowing economic growth.
And on top of that, the Conference Board Leading Economic Index for China gained 1.6 percent in September after rising 1.0 percent in August.
AUD/USD tried to rally from 0.7205 to 0.7293 intraday but retreated to 0.7214 as of 14:21 GMT today. AUD/JPY traded at 87.39 after opening at 86.96 and rising to the daily high of 88.05.

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