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Says ANZ o their China outlook:

We believe China will take a more proactive stance to support economic growth in the H2 2018

  • State Council may launch some growth boosting measures, which should help turn around weakening growth in infrastructure spending
  • We see this ultimately supporting steel and iron ore market, with the later likely to push back towards USD70/tonne
  • A recent State Council meeting called for an acceleration in fiscal spending, which may help to provide funding for infrastructure projects

Bolding mine. Higher iron ore prices will act as a support for AUD (Australia sends lots of the rock to China) 

You will have just seen the CNY mid rate setting:

China is already taking action to support the economy , CNY devaluation will help support exporters. 

ForexLive



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