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China GDP Growth Target Lowered to 7%

In another effort to cool down the economy, the Chinese prime minister Wen Jiabao has lowered the growth target for 2011 to 7%. Jiabao was speaking in an online chat on Saturday. He said that:

The 7 percent target would be part of the 2011-2015 five-year plan to be approved by the national legislature next month

The previous target was 8%. These numbers aren’t anywhere to be seen in Western countries. The change might  marginally hurt the Australian dollar at the beginning of the week, but isn’t likely to have a strong impact.

For more on the Aussie, see the AUD/USD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.