Thursday: Fitch downgrade hits global stocks and A$, NZ$

The Australian and New Zealand dollars slid through the bottom of their recent trading ranges 66-69c range overnight. Global stocks fell 1-2% after Fitch downgraded the United States’ sovereign rating. In our deep dive interview, we talk with ANZ’s Chief Economist for Greater China Raymond Yeung about why consumers in China are stashing cash, rather than spending it, and what’s being doing about it. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/