The yuan and ocean currencies are currently down after the Chinese move. China surprised analysts with a drop in its borrowing rates.

The People's Bank of China (PBOC) has cut borrowing costs on its medium-term loans for the first time since April 2020 as policymakers seek to cushion a slowing economy. Official data showed China's GDP grew 4% year-on-year in the fourth quarter, the weakest rate in a year and a half, after rising 4.9% in the third quarter.

The yuan slipped and started domestic trading down slightly to 6.3555 per dollar. The Australian and New Zealand dollars remained under pressure on Monday after the Chinese decision. The Aussie was last down 0.2% at $0.7210. The dollar was up slightly to 114.45 yen in Asia pending the Bank of Japan's decision. The Euro against the Swiss Franc has rebounded sharply from its recent low of 1.0327.