The advanced economies were still growing only modestly or contracting, although financial market conditions had improved over the past month following additional monetary policy measures and further progress in addressing the banking and fiscal problems in Europe. Growth in east Asia, including China, had slowed a little further. Members noted that the gradual slowing of Chinese economic growth had been accompanied by declining exports to Europe for some time and, more recently, falls in exports to the United States and Japan. The slowing of growth in China had resulted in weaker demand for steel, which was evident ... (full story)