Australia hikes on further evidence of recovery

The Reserve Bank of Australia on Tuesday raised its benchmark cash rate by 25 basis points to 4% on the back of strong growth in Asia.

Glenn Stevens, the governor of the Reserve Bank, noted after the decision that growth in Asia was so strong that the authorities in some countries were now seeking to reduce the degree of stimulus to their economies.

The People's Bank of China has already hiked its reserve requirement ratio twice this year.

On the back of strong Asian growth, the Australian econo

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