China's decision to cut interest rates by 0.25% seemed to attract a lot of attention in Australia, writes James Laurenceson in The Conversation.
The regulated benchmark lending and deposit rates in China now stand at 6.31% and 3.25%, respectively. So enthusiastic have we become in Australia to economic developments in China that last week a fiscal stimulus package was also being declared in our major news outlets prior to it even being announced by the Chinese government.
For their part, the Chinese government denied any large scale stimulus was on the cards. Such instances reflect the conviction of many in Australia’s macroeconomic commentariat that our economic fortunes are now driven almost exclusively by China.
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