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巴曙松教授,博士,国务院发展研究中心金融研究所副所长,研究员,博士生导师,享受国务院特殊津贴。    巴曙松教授在银行、证券、基金、企业年金等领域有过10余年的实践工作经验,熟悉商业银行风险管理、基金与年金运作,参与中银香港海外重组上市项目,主持起草了《中银香港风险管理政策与流程》。目前的主要研究领域为金融机构风险管理与金融市场监管、企业融资问题与货币政策决策,出版了国内第一本系统研究巴塞尔新资本协议的《巴塞尔新资本协议研究》(中国金融出版社2003年版)

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australia central bank statement on rates  

2009-10-06 15:42:33|  分类: 默认分类 |  标签: |举报 |字号 订阅

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11:33 06Oct09 RTRS-TEXT-
    SYDNEY, Oct6 (Reuters) - Following is the text of the
Reserve Bank of Australia's statement on Tuesday after its
monthly policy meeting.
   
   At its meeting today, theBoard decided to raise the cash
rate by 25 basis points to 3.25 per cent, effective 7 October
2009.
   The global economy is resuminggrowth. With economic policy
settings likely to remain expansionary for some time, the
recovery will likely continue during 2010 and forecasts arebeing
revised higher. The expansion is generally expected to bemodest
in the major countries, due to the continuing legacy of the
financial crisis. Prospects for Australia's Asian trading
partners appear to be noticeably better. Growth in China hasbeen
very strong, which is having a significant impact on other
economies in the region and on commodity markets. ForAustralia's
trading partner group, growth in 2010 is likely to be closeto
trend.
   Sentiment in global financialmarkets has continued to
improve. Nonetheless, the state of balance sheets in somemajor
countries remains a potential constraint on their expansion.
   Economic conditions inAustralia have been stronger than
expected and measures of confidence haverecovered.  Some
spending has probably been brought forward by the variouspolicy
initiatives. As those effects diminish, these areas of demandmay
soften somewhat. Some types of capital spending are likely tobe
held back for a while by financing constraints, but it now
appears that private investment will not be as weak asearlier
expected. Medium-term prospects for investment appear,moreover,
to be strengthening. Higher dwelling activity and public
infrastructure spending is also starting to provide moresupport
to spending. Overall, growth through 2010 looks likely to be
close to trend.
   Unemployment has not risen asfar as had been expected. The
weaker demand for labour over the past year or so nonethelesshas
seen a moderation in labour costs. Helped by this and theearlier
fall in energy and commodity prices, inflation has been
declining, though measures of underlying inflation remained
higher than the target on the latest reading. Underlying
inflation should continue to moderate in the near term, butnow
will probably not fall as far as earlier thought.
   Housing credit growth has beensolid and dwelling prices have
risen appreciably over the past six months. Businessborrowing
has been declining, as companies have sought to reduceleverage
in an environment of tighter lending standards. But largefirms
have had good access to equity capital and access to debtmarkets
appears to be improving, helped by the better-than-expected
economic conditions and increased willingness on the part of
investors to accept risk. Share markets have recovered
significant ground.
   Interest rates facingprospective borrowers on fixed-rate
loans have already risen to some extent, as markets have
anticipated a higher level of the cash rate. For manybusiness
borrowers, increases in risk margins will still be occurringfor
some time yet. In addition, the exchange rate has appreciated
considerably over the past year, which will dampen pressureon
prices and constrain growth in the tradeables sector. These
factors have been carefully considered by the Board.
   In late 2008 and early 2009,the cash rate was lowered
quickly, to a very low level, in expectation of very weak
economic conditions and a recognition that considerabledownside
risks existed. That basis for such a low interest ratesetting
has now passed, however. With growth likely to be close totrend
over the year ahead, inflation close to target and the riskof
serious economic contraction in Australia now having passed,the
Board's view is that it is now prudent to begin gradually
lessening the stimulus provided by monetary policy. This will
work to increase the sustainability of growth in economic
activity and keep inflation consistent with the target overthe
years ahead.
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