Thursday, October 09, 2008

China's Wen assures Australia of commodity demand

This is important, Demand is there prices will follow...

"Australia's Prime Minister Kevin Rudd said China has assured him that demand for Australian resources will stay strong, shielding the commodities-dependent economy from the global financial crisis.Mandarin-speaking Rudd said he telephoned Chinese Premier Wen Jiabao on Monday and was told commodity demand would hold up despite China's growth slipping from "11% and 12% down to 9% and 10%". "Part of the long-term strategy of this government, and the strategy for the period immediately ahead, is how to more deeply and broadly engage with the Chinese economy," Rudd told Australian media on Thursday.Australia is pinning its hopes on China to ride out the current turmoil on international financial markets. The country's central bank slash interest rates by one percentage point this week to try and maintain economic growth and liquidity."

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