China held out longer than most; much of the developed world is already in recession, after all, and a number of developing countries are teetering on the brink. Now that the brakes are coming on in China, however, a ripple effect is inevitable as demand for oil, iron ore and all the other commodities required to industrialise the country shrinks. Australia is an early casualty. Within 24 hours of central bank chief Glenn Stevens flagging the China risk, Aussie miner Rio Tinto unveiled plans to slash 14,000 jobs.
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