Members began their discussion by noting that global economic developments had, on balance, been more positive since the December meeting. This was consistent with expectations of a gradual pick-up in the growth of global economic activity following the weakness seen in the September quarter 2012. Overall, growth was forecast to be around or a little above its long-term average over the next two years, with a strong contribution from faster-growing Asian economies. A wide range of indicators showed that growth in the Chinese economy had stabilised, underpinned by public spending and somewhat stimulatory financial ... (full story)