Australia cuts benchmark rate to record low
Asian stock markets retreated today after Australia's central bank cut interest rates for the second time in four months, lowering its cash-rate target to a record low 2.0% from 2.25%.
Although the economy is showing signs of improvement, the new move will reinforce economic growth in the face of falling commodity prices and a China slowdown.
The Australia dollar also fell sharply following the announcement, hitting $0.7801, before rebounding to $0.7906 (+0.9%).
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