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Reserve Bank of Australia Cuts Rates to Record Low
Australia's central bank cut its key interest rate by 25 basis points on Tuesday to a record low of 2.75 percent to boost economic growth, in a move that surprised many analysts and knocked the Aussie dollar to its lowest level in just over a month. However, softer-than-expected inflation data last month and signs of weakness in China's economy, Australia's biggest trading partner, had sparked some talk in markets of a rate cut this month. "I was a bit surprised by the rate decision and the market was about 50-50 on the chances of a cut," said Matthew Circosta, an economist at Moody's Analytics in Sydney. "But they ... (full story)
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