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Currencies

Aussie dollar trends lower as Chinese money flees housing market

Central bank hints at rate cuts to spur spending and shore up economy

SYDNEY -- The Australian dollar continues to lose ground against the U.S. dollar, dragged down by falling housing prices as Chinese investors pull out of the property market. This has prompted the Reserve Bank of Australia to hint at possible rate cuts to spark domestic consumption and prop up a sagging economy.

RBA Gov. Philip Lowe said on Feb. 22 that "higher interest rates will be appropriate at some point." But market observers feel that the RBA -- the country's central bank -- is signaling that it may further reduce its record-low rate of 1.5%.

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