Forex News and Rumors for September 12th, 2008 – Afternoon Update

China Gets a Global Credit Crunch Reality Check

Economic slowdowns in China’s major markets – particularly the U.S. – has forced the People’s Bank of China to make its first interest rate cut in six years. One-year lending rates have dropped to 7.2% from 7.47% – required reserve ratios for commercial banks have also been lowered.

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Crude Falls Below $100 a Barrel

Fears of a worsening outlook for the global economy continue to drive down the price of oil even as Hurricane Ike closes in on the Gulf Coast.

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U.S. Retail Sales Down in August

Retail sales fall by 0.3% for the month of August.

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Foreclosures Increase 27% From Year Ago

Foreclosures in the battered U.S. housing market for the month of August were up 27% from the same month one year ago. However, this increase is less than previous months.

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