CHART OF THE DAY: The IMF Upgraded China's Growth Outlook For 2014. Here's Why It Matters

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The IMF upgraded its global growth forecasts overnight and included in that was a slightly more upbeat take on China’s growth.

It’s now expected to print 7.5% growth in 2014 and 7.2% growth in 2015 up 0.3% and 0.2% respectively.

This is good news for Australia at this difficult economic time, because as today’s chart shows, China is by far and away Australia’s most dominant and important trade partner.

Strong Chinese growth will cushion the transition to the more balanced growth the RBA is looking for and the Australian economy needs.

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