Amid the persistent deflationary mindset, it may take some time to achieve the price stability target of 2 percent. While strong monetary easing has been maintained for a long period, it is appropriate to continue with strong monetary easing in a persistent and sustainable manner, while being more careful than ever when examining developments in economic activity and prices as well as financial conditions.
I also note that over the next 6 months ANZ will introduce further RMB-denominated products such as trade finance instruments (including Letters of Credit) and RMB deposit accounts. We at the Reserve Bank are excited by this initiative for a number of reasons.