New Reserve Bank of Australia governor Philip Lowe says Brexit was nothing -- watch out for Trump. Photo: Reuters/Jason Reed

Reserve Bank of Australia governor Philip Lowe says a victory for Donald Trump in next month’s US presidential election would be more of a shock to global financial markets than Brexit, the Sydney Morning Herald reported.

In hindsight, June’s vote by UK citizens to leave the European Union appeared “benign,” Lowe said. He also said that his biggest global concern was the threat of rising protectionism and a decline in support for globalization.

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