Does Beijing really have the power to lift up the Australian dollar?

While global markets watched closely for a joint move by Washington and Tokyo to prop up the Japanese yen this week, Australian dollar traders have been laser-focused on the actions of another power: China.
Some analysts view the Australian currency as particularly sensitive to policy moves in Beijing. If China intervenes to boost domestic growth, that could also lift the Australian dollar, the theory goes.
But in reality, the currency’s exposure to the world’s second-largest economy is more...