Citi Cuts China's 2012 Growth Outlook to 7.8%

Date : 06/25/2012 @ 8:16AM
Source : Dow Jones News
Stock : Citigroup, Inc. (C)
Quote : 68.55  0.52 (0.76%) @ 12:15PM

Citi Cuts China's 2012 Growth Outlook to 7.8%

Citigroup, Inc. (NYSE:C)
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Citi on Monday cut its 2012 China growth forecast to 7.8% from 8.1% previously, saying the move reflects slower domestic growth in the second quarter and a further weakening of conditions in the European Union.

Citi said China appears to have stabilized at a low level of growth, noting that second-quarter growth will likely ease to 7.3% from a year earlier. It said China was unlikely to roll out a 2008/2009-style stimulus package unless "the sovereign-debt problem in Europe escalates to a full-blown economic and financial crisis and results in a deep recession in the continent."

Write to Chris Oliver at AskNewswires@dowjones.com

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