News Today - June 24

* Japan's exports post yet another fall amid a slowing world economy though the trade surplus manages to surprise analysts to the upside.

*China defended itself against charges from the U.S. and Europe that its restrictions on raw materials exports violated international trade rules, saying those restrictions were in keeping with WTO regulations.

* Despite China’s reputation as a nation of savers, the central bank says Chinese consumers are increasingly falling behind on their credit-card payments, suggesting a move toward Western-style spending

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The Chinese economy is headed in the right direction, but the foundations of the recovery are not yet solid, Su Ning, a vice-governor of the People's Bank of China, said on Tuesday.

* Economics professor Mark Gertler, a former close colleague of Fed chief Ben Bernanke, says the U.S. central bank is unlikely to rush into any 'exit strategy' from current policy just yet.

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President Barack Obama said a second stimulus package isn’t needed yet, though he expects the U.S. unemployment rate will exceed 10 percent this year.




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