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Reserve Bank of Australia deputy governor Guy Debelle has stayed clear of discussing interest rates during a speech to a foreign exchange conference.

His address comes at a time of heightened speculation the RBA could further ease monetary policy as early as next month.

Economists expect a cut in the cash rate from 0.25 per cent to 0.10 per cent at the November 3 board meeting.

They also expect changes to bond targets and term funding facilities for banks.

There is also speculation the RBA could start buying longer-term bonds to keep market interest low while pumping liquidity into the finance system.

In recent addresses Dr Debelle and RBA governor Philip Lowe have said the board is considering further ways to support the economy and employment growth.

Dr Debelle, who chairs the Global Foreign Exchange Committee, declined to take questions about other topics on Thursday.

He believes actions by central banks and governments around the world at the start of the coronavirus pandemic helped financial markets quickly recover.

The experience was similar to what occurred in previous market crises, he said.

This included a sharp increase in volatility, a deterioration in liquidity and a surge in funding costs.

“However, one notable feature of this latest crisis was both how sharply market conditions deteriorated and how quickly they recovered,” Dr Debelle said.

“The actions by central banks and governments around the globe doubtless contributed to this rebound.”

Conditions had improved in recent months with many indicators of liquidity approaching normal levels, he added.

However, lockdowns presented major operational challenges to foreign exchange participants and were exacerbated by market volatility.

“Broadly speaking, electronic trading proved effective and reliable,” Dr Debelle said.

“It is likely that the COVID period will have only furthered the industry’s shift toward electronic trading. This includes the greater use of execution algorithms in many markets.”