Guy Debelle, Assistant Governor (Financial Markets) speaking in Beijing at the RMB FX Forum

Speech is titled "Developments in Global FX Markets and Challenges in Currency Internationalisation from an Australian Perspective".

Nothing so far on the Australian economy nor monetary policy

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He has given some background sort of stuff on the AUD ...

On the benefits of the floating AUD and the increase in currency volatility - it's a feature, not a bug:

  • One clear demonstration of this is in the reduced volatility of domestic interest rates and the increased volatility of the Australian dollar
  • The increased volatility of the Australian dollar is generally regarded as a positive development as a mechanism of adjusting to shocks and not a threat
  • The existence of deep hedging markets further ensures that the benefits of a flexible exchange rate policy outweigh the costs