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With your help I was able to pull the pay rates and currencies. I can update the PayRate values, but not the Currencies.

Using a PUT with the Employee entity, the body below will update the "IsDefault" value for the PayRates for a single Employee, but it does not update the Rate for that same Currencies entry. It also does not generate an error.
I can update the Currencies directly using a PUT with the UserPayRateMoneyValues entity, but I would prefer to update them (all of them for a single employee) in a single PUT call to the Employee entity if that's possible.

{
"Properties":["Lastname","PayRates.IsDefault","PayRates.Currencies.Rate"],
"Entity": {
"ID":"768",
"Lastname":"test3",
"PayRates":[{"ID":"1460","IsDefault":"true","Rate":5.55}]
}
}