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Australia C. Bank cuts rates to 3.5%

06-06-2012 14:18 BJT

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Earlier on Tuesday, Australia's central bank once again cut its benchmark policy rate. This time by 25 basis points to 3.5 percent, marking a 2-year low. The move comes as the Reserve Bank of Australia cites a weaker outlook abroad and modest growth at home.

Just last month the RBA slashed rates by 50 basis points, but banks still felt their funding costs were too high and analysts say the markets are pricing in a further quarter-point cut for July as they see more flexibility in monetary policy due to prices stabilizing in the country. Overall, for the year, a full 100 basis point cut in the policy rate is expected.

In a statement to reporters, Glenn Stevens, governor of Australia’s central bank says that recent indicators suggest further weakening in Europe and some further moderation in growth in China, noting market sentiment has deteriorated over the past month.



Editor:Zhang Rui |Source: CNTV.CN

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