Guy Debelle News
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Hedge funds increased bets on gold rallying after prices plunged the most in 33 years, underscoring billionaire John Paulson’s view that bullion will rebound.
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Gold traders are divided on whether bullion will extend declines after the biggest plunge in three decades generated buying from investors and jewelers.
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Investors are dumping gold funds at the fastest pace in two years in favor of equities, compounding a slump that has wiped $560 billion from the value of central bank reserves.
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The sustained strength of the Australian dollar partly reflects international companies’ offshore funding of the nation’s resource investment boom, central bank Assistant Governor Guy Debelle said.
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HSBC Holdings Plc’s Swiss private bank was an “open door” for money laundering and terrorist finance because managers failed to exercise controls, said Herve Falciani, a former software technician accused of stealing data.
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The biggest drop in gold prices since 1983 has divided central banks on whether the metal is cheap enough to increase investment.
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Australia’s government bonds rose, sending three-year yields to an 11-week low, as investors added to bets the central bank will cut interest rates.
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Australia’s central bank still has room to cut interest rates to ease pressure on the economy from a strong currency, Assistant Governor Guy Debelle said.
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Australia’s banks are paying the same to raise funding through three-month deposits as they are on five-year unsecured bonds as they seek to safeguard credit ratings, central bank Assistant Governor Guy Debelle said.
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Australia’s dollar traded 0.3 percent from a five-week high after central bank Deputy Governor Philip Lowe defended a higher exchange rate and savings level, saying they helped stabilize the economy.
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