RBA和APRA描述

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1、FIN1103FinancialMarketS62011StudentName:MaShengcheStudentID:0061013934DueDate:11November2011Wordscount:1493wordsI.FunctionsoftheReserveBankofAustralia(RBA)AsAustralia’scentralbank,theReserveBankofAustraliahastheresponsibilityofprovidingservicestotheGovernmentaswellasotherbanksandinstitutions.Itisone

2、ofthreemainfinancialregulatorsthataimtopromotethefinancialsystem’sstability,efficiencyandreliably.TheReserveBankAct1959describedthattheRBAhastwoboards.FunctionofReserveBankBoardistoestablishandimplementsmonetarypolicytomaintainastablefinancialsystemandissuesthenation’scurrency.FunctionofPaymentSyste

3、mBoardistoregulatethepaymentsysteminordertocontrolrisk,promoteefficiencyandcompetition.TheRBAhasthefunctiontopromulgatepropermonetarypolicy,withtheobjectivesofstabilizingthecurrency,employmentrateandeconomicprosperity.Itsmonetarypolicyestablishesthroughadjustingcashrate.Cashratedeterminestheinterest

4、rateamongcommercialbanks.Inaddition,itwillinfluenceinflationrate,aswellastheeconomicvitality(theRBA,2011).Agivenexampleisin1997,AustralianDollarfellrapidly.TheRBAinterferedinallaspectsoffinancialmarkettorestrainthefalling.TheysoldreservedforeigncurrencyandboughtAustralianDollar.Inthemeanwhile,RBAsto

5、ppedbuyingforeigncurrencyfortheGovernmentofAustraliawiththepurposeofcounteractingtheinfluencesofinterferences.TheexchangerateofAustralianDollarfinallywentup.Changesinthecashratewillaffectthesavingsandinvestmentbehaviorofindividualsandbusinesses.Allofthatwilladjusttheinflationratetoanexpectedone.Fori

6、nflationratechanges,priceofgoodsandGDPwillfollowtochange.Asfarasthepaymentsystem,theRBAisresponsibleforcontrollingrisk,promotingtheefficiencyandcompetitioninthemarketforpaymentservices,consistentwiththeoverallstabilityofthefinancialsystem.Thepaymentsystemisdividedintowholesaleandretailpaymentorders.

7、TheRBAhasthefunctiontoregulateandsettletransactions.TheRBAunitedsomecardsystemcompanylikeVisaandMasterCard,toeconomizetimingofcitizens.Forexample,Australiancitizenshave9waystopaythephonebill(Wang,2003