cut interest

Reserve Bank of Australia cut interest rates by 50 basis points

From imeigu.com 2012-05-01
Sina Finance SAN FRANCISCO, May 1, Reserve Bank of Australia on Tuesday the cash rate down 0.5 percentage points to 3.75 percent, the market had expected the rate cut of 25 basis points.

Reserve Bank of Australia governor Glenn Stevens said in a statement, "We consider the rate cut at today's meeting that the current financial environment should be more relaxed than in December."

Stevens said, "We believe it is necessary to cut interest rates by 50 basis points, because only in this way, the loan interest rate also reached a more reasonable level."

Cut interest rates after the Reserve Bank of Australia announced that the Australian dollar exchange rate fell to $ 1.0334 from $ 1.0398. Australia's S & P / ASX 200 index rose 0.9 percent to 4437.00 points.