Morning briefing: Citing a 'choppy recovery,' British central bank lowers GDP forecast
1. The Bank of England lowered its GDP growth forecast for 2011 to 3 percent annually, down from 3.4 percent saying the country faces a "choppy recovery."
2. China's industrial growth slowed and its inflation rate spiked 3.3 percent in July amid flooding that disrupted food supplies. The government target had been 3 percent. The China Banking Regulatory Commission cracked down on billions of dollars in loans that were repackaged and sold to investors, saying this money must be taken off the bank's balance sheets.
3. China said that it consumed less energy than the U.S. last year, refuting an International Energy Agency report in July that ranked China as the No. 1 energy user. China said energy use was 2.146 billion metric tons of oil equivalent, which was at least 200 million tons less than the amount consumed by the United States.
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