The Age looks at the recent losses in the Australian dollar, jawboning and past interventions.
Unofficially, the RBA is believed to have intervened in foreign exchange markets in 2012, when it accepted an estimated $1 billion deposit from another central bank, Mr Davies said.
Mr Stevens has been at pains to stress the Reserve Bank has not undertaken large-scale interventions.
But it may have carried out small-scale interventions such as when it sold $300 million last month, although the sale could have been characterised as part of its moves to rebuild its reserves, Mr Davies added.