Signs of China Slowdown Mounting
While the U.S. economy, the largest in the world, continues to chug along, evidence of a slowdown in China continues to mount. With Europe already likely experiencing its second contraction in three years, a significant slowdown in the world's second largest economy would impact U.S. growth and hamper its nascent economic recovery.
Early today, BHP Billiton (BHP), the world's largest miner, says China's demand for iron ore is flattening, and a Rio Tinto (RIO) official stated that "the rate of GDP growth in China is more immediately slowing." The Australian dollar tumbled hard overnight, partly driven by this news, and partly by the release of the minutes of the Reserve Bank of Australia's most recent meeting. In all, Aussie lost more than 1% vs. the U.S. dollar overnight....431 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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