China, S&P both project lower growth

China's economic expansion for 2012 will probably be the slowest in 22 years as a seventh consecutive quarter of decelerating growth looms, according to the China Beige Book. Adding its contribution to the moderating outlook, Standard & Poor's lowered its growth forecast for China to 7.5%, citing lingering economic ills in the European and U.S. export markets. Separately, China's central bank introduced a financial reform outline for the country's next five-year plan, including greater marketization of exchange and interest rates.

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