The AUD saw volatile trade , dropping to a new six-year low of 0.7257 versus the USD as Chinese stock markets opened heavily in the red before rebounding to a two-day peak of 0.7327 as policymakers in Beijing managed to engineer a rebound in equities. The Shanghai Composite opened as much as 5-7% underwater before rebounding into the green, then sinking back down -1.0%. China's State Planner said it will quicken construction of key projects, while China government funds stepped in to buy stocks and the PBoC injected funds into money markets.
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