The Australian and New Zealand Dollars are trading lower on Friday, pressured by a drop in demand for higher risk currencies that is being fueled by a plunge in global equity markets. The Aussie and Kiwi are being underpinned, however, by a weaker U.S. Dollar. Meanwhile, the Covid situation in Australia is worsening, raising fears that the country will experience another virus-related contraction during the third quarter.
By Geoffrey Smith
HONG KONG/BEIJING (Reuters) -China stepped up attempts to calm frayed investor nerves after a wild markets rout this week by telling foreign brokerages not to "overinterpret" its latest regulatory actions, setting the stage for a rebound in beaten-down stocks on Thursday. Chinese state media also joined in to say yuan-denominated assets in China remained attractive and that short-term market panic did not represent long-term value. China stocks had their best day in two months on Thursday.