Loonie falls amid China concerns The Canadian dollar was lower Wednesday as risk appetite faded amid concerns about China's property market and traders awaited the next interest rate announcement from the Bank of Canada, scheduled for mid-morning. The loonie fell 0.34 of a cent to 96.85cents US. The central bank is widely expected to leave its key rate unchanged at one per cent until well into 2014. "Risky assets have been under extreme pressure," observed Mark Chandler, Head of Canadian FIC Strategy at RBC Dominion Securities. "The increase in Chinese money-market rates (as the monetary authorities leave the system a bit "cash dry") has taken short-term rates higher." The greenback rose amid speculation that the People's Bank of China may tighten monetary policy to cool a hot property market. The December crude contract on the New York Mercantile Exchange dropped $1.55 to US$96.75 a barrel, its lowest level since late June as ample supplies and a slowdown in U.S. hiring suggest subdued demand. The U.S. Energy Department will release crude stockpile figures for last week later Wednesday and a 3 million barrel increase is expected. December copper lost five cents to US$3.29 a pound. Gold prices also headed downward with the December bullion contract down $9.80 to US$1,332.80 an ounce.