Aust dollar lifts on China news

Currency higher as China's central bank flags lifting of controls on lending interest rates.

The Australian dollar is higher after China's central bank said it would lift controls on lending interest rates, allowing financial institutions to set them.

At 0630 AEST, the local unit was trading at 91.83 US cents, up from 91.71 cents on Friday.

The announcement from the People's Bank of China on Friday night, Australian time, saw the Aussie gain some ground over the weekend.

The bank said the move would lower financing costs for businesses and support China's long-term economic restructuring.