RBA's Stevens on capital flows and monetary policy

In the speech 'Capital flows and monetary policy' given on 17 September Glenn Stevens of the Reserve Bank of Australia said short-term fluctuations in exchange rates do not pose as much risk to internationally exposed businesses as medium-term misalignment of the exchange rate.

"Allowing market forces to move the exchange rate makes such an outcome much less likely," said Reserve Bank Of Australia (RBA) deputy governor Glenn Stevens at a seminar in Singapore.

"Better monetary control afforded by

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