Members noted that, over recent months, the Chinese economy had grown at around the pace seen earlier in the year, which, on an annualised basis, was a bit below the authorities' stated target of 7.5 per cent for 2013. Total social financing flows (a measure of credit) moderated in June from the high levels seen earlier in the year, although conditions in the housing market remained buoyant. In Japan, a range of indicators of economic activity had improved over the past couple of quarters and import prices were rising in response to the exchange rate depreciation, thereby contributing to a slight rise in consumer ... (full story)