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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 ┬ámarginally 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.