RBA cuts rate to 5.25pc

The Reserve Bank of Australia has implemented a cutting of interest rate to 5.25 percent as it tries to prevent the falling of Australian economy.

October was the worst month for stocks since the crash of 1987, with about $160 billion wiped off the Australian share market alone.

''Global equity prices have been volatile and fell further in net terms, and there have been significant exchange rate movements, including a sharp depreciation of the Australian dollar. A number of governments have announced measures to strengthen their financial systems, which should help to stabilise conditions over time,'' the RBA said.

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