Today, was published a report of the Reserve Bank of Australia on monetary policy in which confirmed the intention to maintain a policy of stable interest rates. The forecast for inflation in 2015 was reduced to 1.5-2.5%, against a previous forecast of 1,75-2,75%. GDP growth in 2015 is expected to be 2.5-3.5%. The RBA continues to consider that the Australian currency to be overvalued, and the unemployment rate will remain high. The main problem is the external crisis in the Chinese construction sector. Given the low prices for export products and the strengthening of the US dollar, we keep the medium-term negative outlook and recommend holding short positions with target levels of 0.85 and 0.80.