| Abstract | Economic activity picked up in the US in the September quarter, but Japan remains mired in recession. Weak economic growth in the Organization for Economic Co-operation and Development (OECD) economies during the first half led to a change in monetary stance. The major industrialised countries, most notable Japan, lowered their interest rates to ensure continued economic growth as inflation risks remained low. In China output is slowing and inflation continues its downtrend. There were continuing efforts to promote commercial banking, and a plan to liberalise interest rates in a phased manner over the next 7-8 years was announced. |
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