SYDNEY - A global trade war was a “significant risk” to the world economy though Australia’s shrinking current account deficit meant it was less vulnerable to external shocks, the deputy governor of the country’s central bank said on Tuesday.
Most of that debt is held in Australian dollars, making the local currency an important shock absorber. “If you look at the balance sheet of the country as a whole, Australia has a net foreign currency asset position,” he noted.
Source: Financial Digest (financialdigest.net)
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