020 7898 0500There was more troubling news for China yesterday, as their official factory gauge showed a record sixth month deterioration. In fact, there was a three year low in their manufacturing Purchasing Managers’ Index (PMI), and the yuan has weakened greatly; dropping nearly 1% against the US dollar and over 1.5% against sterling.
Early this morning the Australians released their cash interest rate and it was held at 2%. The statement following the announcement confirmed that the interest rate could be cut if market conditions remained unstable and turbulent.
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