Aust dollar climbs above US94c

Local currency pushes higher after Chinese central bank comments.

The Australian dollar is higher, after the Chinese central bank said it would ease controls on the value of its currency.

At 0630 AEDT, the local unit was trading at 94.14 US cents, up from 93.91 cents on Tuesday.

People's Bank of China (PBOC) governor Zhou Xiaochuan said it would widen the daily range that China allows the renminbi to trade in and also phase out investment caps for foreign and domestic investors.

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