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Central bank boss tips 75 U.S. cents Australian dollar

By : Xinhua | Published: 2014-December-12

[InKunming--Sister Cities]  Reserve Bank of Australian (RBA) governor Glenn Stevens said the Australian dollar needed to fall to 75 U.S. cents in order to help the national economy, local media reported on Friday.

Stevens has previously said that the Australian dollar was over valued and it needed to fall about 10 percent from its current rate of around 83 U.S. cents.

He said the lower dollar would help local exporters and boost government coffers.

"I think it's quite likely that it will, a year from now, be lower than it is today," he told The Australian Financial Review.

"A year ago I said probably 85 U.S. cents was better than 95. And if I had to pick a figure now, I would say probably 75 is better than 85."

Stevens also said that the RBA would cut interest rates next year in order to stimulate the economy.

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