At its meeting today, the Board decided to lower the cash rate to 4.25 per cent, effective 7 December 2011. Growth in the global economy has moderated this year after a strong performance in 2010. Some of the slowing reflected temporary factors, and as these passed, the pace of expansion in the United States and much of Asia began to pick up around mid year. China's growth has been slowing, as policymakers there had intended. Trade in Asia is now, however, seeing some effects of a significant slowing in economic activity in Europe. The sovereign credit and banking problems in Europe, to which European governments are ... (full story)