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本帖最后由 爱国爱港 于 2014-10-9 15:38 编辑
http://www.stuff.co.nz/business/money/10557837/RBNZ-in-521m-currency-intervention
HAMISH RUTHERFORD
Last updated 16:29 29/09/2014
The New Zealand dollar has slumped US1 cent after the Reserve Bank revealed a currency intervention of more than half a billion dollars during August.
But the Prime Minister says the currency remains far above ‘‘Goldilocks’’ fair value level of about US65 cents.
The kiwi dropped from US78.3c to US77.3c late this afternoon after new figures were released showing the Reserve Bank sold $521m of its New Zealand dollar holdings in August, a massive jump from July when it sold only $2m.
Economists said the central bank had put its money where its mouth was. The Reserve Bank was ‘‘shorting’’ the dollar when it was high and when it was expected to fall and would be happy with the latest fall, economists said. The scale of the intervention was seen as ‘‘material’’ and involved the most selling of the New Zealand dollar since 2007.
However, while the currency has fallen heavily this month, down more than US6c, it only dropped about US2c during August when the central bank was actually selling.
The kiwi had already fallen earlier today after Prime Minister John Key, a former currency trader, said the dollar was too high and the "Goldilocks" level (not too high or too low) would be about US65c.
"I happen to actually support the view that the Governor has that the exchange rate is over valued, so if they have intervened, it would be a matter for them, but it would seem fairly logical," Key told reporters this afternoon.
"I think at the level we’re at, [US]78 odd cents, we’re still at very high levels."
Asked what the correct level would be, Key indicated it was much lower than it is today.
"In the end, the Goldilocks rate, not too high, not too low, just about right, I don’t know, [US]65 cents maybe, certainly ... lower than it is today," Key said.
"Just because I think that’s the rate that works for exporters doesn’t mean it’s the rate it’s going to get to."
The kiwi has been heading downhill since climbing above US88c in July.
ASB chief economist Nick Tuffley said during a couple of months in 2007 the Reserve Bank sold about $2.2 billion, but in April last year its intervention was just $256m, seen as a moderate amount.
The amount sold in August this year was in between the two levels and was done without fanfare, so was seen as more passive than the sell down in 2007.
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The sale of New Zealand dollars last month sent a signal that the Reserve Bank saw the currency’s level as unsustainable, ASB said. It also helped push the currency down when it was also starting to retreat.
The aim was to make market players realise that a higher New Zealand dollar was ‘‘not a one-way bet’’.
Westpac chief economist Dominick Stephens said today’s release of figures confirmed that the central bank was willing to intervene when the dollar was seen as ‘‘unjustified and when market conditions are ripe for a successful intervention’’.
‘‘In that light, we wouldn’t be surprised to see further selling over following months, though there had been no rumours of such during September,’’ Stephens said.
Conditions were seen as opportune given that sentiment had turned sharply against commodity currencies and in favour of the US dollar.
Last week, Reserve Bank governor Graeme Wheeler put out a surprise statement explaining again why he thought the dollar was ‘‘unsustainable and unjustified’’.
‘‘Now we know why,’’ TD Securities research head Annette Beacher said today. The scale of the intervention showed the Reserve Bank’s greater conviction.
The New Zealand dollar also fell heavily against the Australian dollar, from A89.6c to A89.1c. ntsG
- The Dominion Post |
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