Business
RBA brings pea-shooter to bazooka fight – The Australian Financial Review
The Reserve Bank of Australia’s $100 billion QE plans look a little insignificant compared to the $31 trillion power play by the world’s biggest central banks.
Australia is not the first small open economy that has resorted to unconventional policy to try to engineer a weaker currency, even if it is not the main priority.
The Swiss National Bank capped the franc’s value against the euro in 2011 (it eventually relented in 2015) and embraced negative rates on bank reserves to dampen the currency’s overvaluation. Similarly, Sweden’s Riksbank cut its repo rate to negative 0.1 per cent in 2015 and started buying bonds.
Exchange rates are relative prices and…
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