Cullen calls for RBNZ to copy Australia's c bank

NEW ZEALAND - Finance Minister Michael Cullen has called for New Zealand's central bank to model itself on the Reserve Bank of Australia, which pursues a 2-3% inflation target.

The call has divided economists and the debt markets. One commentator said that making New Zealand's inflation target the same as Australia's could spark a rally in local short rates that would allow the New Zealand two-year swap rate to fall to 50 basis points over its Australian equivalent from close to 100 over at pr

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