Australia Guarantees All Deposits and Borrowing

Australian Prime Minister Rudd announced the Australian Government will guarantee all Australian building society, credit union and bank balances without limit. The government will also guarantee all Australian banks' overseas borrowings.

The Australian government will also spend $76 billion on capital and public works to stimulate the economy.

New Zealand will also guarantee deposits.

China's central bank on Friday said it will continue international cooperation to tackle the global financial crisis and maintain market stability.

China has also urged countries to get together and provide a coordinated response to the current crisis. China has lowered rates by 0.27 percentage points and the reserve requirement ratio by 0.5 percentage points. China will support the G7 towards achieving a healthy, competitive and strong financial market with proper controls and oversight.

 "The PBOC will continue close contacts and cooperation with counterparts and international financial organizations to jointly maintain stability of global financial market," stated PBOC spokesman Li Chao. 

I would expect a similar announcements from the UK and US tonight.