AUD/USD losing some bids as the PBOC does not cut rates, sets CNY weaker than expected

The yuan reference rate was set at its weakest since the first half of November 2021:

• PBOC sets USD/ CNY mid-point today at 6.3996 (vs. estimate at 6.3853)

And, the PBOC left the LPRs unchanged despite cuts being expected:

• People's Bank of China loan prime rates (LPR) setting for April 2022: rates unchanged

AUD is taking a bit of a knock due to the extra monetary stimulus expected from the PBOC not occuring, and the much weaker than expected CNY mid rate