Cost of borrowing goes down, down under

Australia's central bank has cut its benchmark interest rate by a quarter of a percentage point.

It is now at the lowest level in three years - at 3.25 percent.

The move to lower the cost of borrowing and stimulate the resource-rich economy comes in response to a slowdown in China - which is the country's biggest export market - and a high rate of exchange for Australia's currency.

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http://www.euronews.net/