China today dropped its key interest rate by a quarter percent — the first cut since 2008. The move shows the Chinese government is becoming concerned about the new evidence of a slowdown in the global economy.
China's central bank this morning surprised global markets by cutting interest rates for the first time since 2008 in an effort to stimulate the slowing economy.
Russia's President Putin is in China today to meet with Chinese President Hu Jintao about oil, natural gas, and a potential economic investment partnership.
The interest rate on 10 year government bonds is back up above 1.5 percent and Oil is down to $82 a barrel in New York trading. There are signs of a slowdown in Chinese manufacturing and continual uncertainty about the debt crisis in Europe.
Stocks are down all over the world this morning as investors have their first chance to react to the Labor Department's May jobs report that came out on Friday. But the negative market sentiment isn't just about jobs.
World financial markets have been see-sawing in recent days amid talk China may or may not give an extra stimulus to its economy. China, the world's second largest economy, growth was running near 9 percent last year.
Starting July 1, Australia will offer permanent residency to anyone willing to invest $5 million in an Australian company, venture capital fund, or government bonds.
China and Japan move to trade each other's currencies directly, without using the U.S. dollar to set the exchange rate. The change is a new step toward a world where the dollar is not last word in global currencies.
