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Global markets: China sets 2017 growth target lower

By Commodity News Service Canada

WINNIPEG, January 16 – The following is a glance at the news moving markets globally.

– China’s 2017 growth target is 6.5 per cent, according to reports out of the country on Monday. Analysts say this could indicate a policy reform shift toward containing housing and debt risks.

Last year’s target was 6.5 to seven per cent growth.

– Crude oil futures declined in early activity on Monday, pressured by ideas that an OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC production reduction could fall flat.

Participating exporters agreed to cut production by 1.2 million barrels per day.

But some market watchers now doubt that the declines in output could offset large global supplies.

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