The Australian dollar has fallen slightly against the greenback Wednesday, buying 71.22 US cents from 71.36 US cents on Tuesday.

Yesterday, the local currency is subdued as concerns about the outlook for Chinese, and global, growth cast a shadow over commodity-sensitive currencies.

The Aussie dollar was pinned at 71.54 US cents, having steadied above a 71.40 US cents low hit overnight.

China reported growth had slowed last quarter and the IMF trimmed its forecasts for the global economy for this year and next.

In its second downgrade in three months, the IMF also cited a bigger-than-expected slowdown in China’s economy and a possible “No Deal” Brexit as risks to its forecasts.

Gareth Aird, a senior economist at Commonwealth Bank of Australia, argued that further stimulus by China would support prices for Australia’s main commodity exports.

Iron ore, for instance, has hit its highest in almost 11 months on expectations of solid demand from Chinese steel mills.

“Our optimism largely stems from our expectation that Chinese policymakers will respond to the slowdown with targeted policy measures to support lagging sectors,” Aird said in a note.

“The combination of rising export volumes and broadly steady prices means that Australia’s trade balance should continue to post large monthly surpluses.”

Australian government bond futures were a shade lower, with the three-year bond contract off 1.5 ticks at 98.195.

The 10-year contract eased half a tick to 97.6850.