AUSTRALIAN RESERVE BANK CUTS REDISCOUNT RATE

  The Reserve Bank of Australia this morning
  cut the rediscount rate from 17.30 pct to 17.00 pct.
      The rediscount is the rate at which the bank buys back
  treasury notes.
      Market sources said the cut reflected the recent easing in
  market interest rates. They also pointed to yesterday's
  treasury note tender where the 400 mln dlrs of 13-week notes
  went at an average yield of 15.473 pct, down from 15.870 last
  week. The 100 mln dlrs of 26-week notes went at an average
  15.414 from 15.790 last week.
  

