The Australian dollar is slightly higher with traders hopeful China can control the turbulence on its currency and equity markets.

At 12.00pm (AEDT) on Wednesday, the currency was trading at US70.04c, up from US69.81c on Tuesday.

Expectations of some stability in the Chinese yuan and on the Chinese sharemarket has lifted risk appetite slightly, helping the Aussie.

All eyes will be on China’s currency fix, cash market open and the release the country’s December trade balance data on Wednesday.

Source : Market Spectator