The RBA has said it "stands ready" to pump more money into Australia's financial system to keep it functioning as global investors baulk at the coronavirus pandemic, ABC News reports from Australia. It issued a statement saying it would do what it must to keep Australia's financial markets operating. "The Reserve Bank stands ready to purchase Australian government bonds in the secondary market to support the smooth functioning of that market, which is a key pricing benchmark for the Australian financial system," RBA governor Philip Lowe said. The bond market is a key pricing benchmark for Australia's financial system. Dr Lowe said the central bank would be conducting one-month and three-month repurchase (repo) operations each morning "until further notice" to inject the system with extra emergency cash.

Source: The Standard March 16, 2020 04:18 UTC