Global market volatility not over: RBA

Global markets have been correcting in March, but that doesn't mean there won't be more volatility later this year, the RBA's Guy Debelle says.

Global markets haven't necessarily seen the end of volatility this year, the Reserve Bank says. (AAP)

Global markets could see further volatility this year, the Reserve Bank warns.

Global equity, bond, commodity and foreign exchange markets experienced turmoil in January and February, thanks to a variety of factors - US and Chinese growth, divergent monetary policy from central banks and talks of a British exit from the eurozone.

While most markets have corrected and been steadier in March, that doesn't mean the volatility is over, RBA assistant governor for the financial market Guy Debelle warns.

"I'm not sure we're done with volatility, would be my guess," he said at the FX Week Australia conference in Sydney on Thursday.

"I would certainly not be taking positions betting on the fact that volatility is done for the year."

Mr Debelle said there was a decent amount of event risk in the middle of 2016 in and around Europe, alluding to growing immigration pressures.

He also said there could be further volatility in Asia, and in the US due to the divergence between market expectations about growth, monetary policy and the Federal Reserve's messages.

"Then, there will be other stuff that we don't know about yet," Mr Debelle added.