RBA continue taper, China brands online gaming 'spiritual opium'

Notable moves overnight:

• AUD rallies on RBA decision
• NZD rallies after mortgage/housing policy announcement
• Tencent tumbles 10% on CCP gaming crackdown

RBA stuck with the decision to gradually taper QE and did not react to the recent lockdown announcements.

Monetary policy is already highly accommodative and they expect the economy to recover quickly once lockdown is lifted, with the employment impact more in a reduction of hours rather than a rise in unemployment.

Some were expecting a reduction in the pace of taper.

Links:

Statement by Philip Lowe, Governor: Monetary Policy Decision | Media Releases

Reserve Bank of Australia

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Tim Vollans

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