Following intervention from the US authorities the US West Coast Port union strike was dissipated somewhat. This is despite a cargo hold-up worth US$5.2 billion.
There was 10-day congestion delays at the port of Seattle with other ports, such as Los Angeles and Long Beach, seeing some ease-off. On the other side of the world, in China, the People's Bank of China reduced the rate on one-year medium-term lending facility (MLF) loans, worth 237 billion Chinese yuan (US$33 billion), by 10 basis points. The rates were cut, to create demand in the Chinese economy.
