Members opened their discussion of the world economy by noting that the available data for the June quarter had been consistent with Australia's major trading partners continuing to grow at around the average pace of the past decade. In China, indicators of economic growth had generally been holding steady of late, although growth overall still appeared to have been somewhat slower than in the previous year. Over recent months, growth of retail sales and industrial production had been steady while the more timely PMIs had picked up. Growth in real estate investment had declined recently, consistent with softer ... (full story)