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RBA’s Debelle Says Some Financial Markets ‘Remain Fragile’

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Sept. 9 (Bloomberg) -- Some financial markets have yet to see volatility return to pre-crisis levels, especially the bond market, while the foreign-exchange market has done so, said Australian central bank Assistant Governor Guy Debelle said.

“Conditions in some markets remain somewhat fragile, reflected in still elevated volatility,” Debelle told a financial industry forum in Sydney today. He didn’t address the central bank’s monetary policy or the nation’s economy in his prepared remarks.

Debelle also said that during the three years since the start of the global financial turmoil, Australia’s financial markets have been less affected than other countries. “However, there has been a marked effect on the structure and pricing of the Australian bond market,” he said.

“An increase in paper issued by financial institutions has offset the decline in asset-backed issuance,” the assistant governor said. “Risk margins across all asset classes have tightened over the past year, but remain noticeably higher than in 2007.”

To contact the reporter for this story: Jacob Greber in Sydney at jgreber@bloomberg.net

To contact the editor responsible for this story: Chris Anstey in Tokyo at canstey@bloomberg.net

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