The People's Bank of
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.