This week, U.S.-based credit rating agency Moody downgraded China’s economic outlook. Though not an official credit downgrade — China’s credit remains rated A1 — the news still carries heavy significance, as an outlook downgrade is generally the first step taken before credit is downgraded in the future.

In early December, The Reserve Bank of Australia (RBA) lifted interest rates for the eighth consecutive month, taking its benchmark to 3.1%.