RBNZ's Orr on exchange rate intervention proposal

In a speech on the Reserve Bank of New Zealand's exchange rate intervention proposal given on 25 March, Adrian Orr of the RBNZ said that what the RBNZ is recommending is intervening when the moment is justified and opportune, with the outcome of trimming the extreme tops and bottoms of the NZ dollar exchange rate cycle.

"We do not intend wasting our reserves by defending a particular exchange rate level, nor do we intend standing in the way of strong market trends or beliefs. We also do not

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