British finance minister George Osborne comments while on his trip to China:
(spoiler alert .... Osborne's comments are very upbeat, he is confident on China despite the poor data lately)
- "China is going through a very necessary and challenging transformation which is essential
- Said he was visiting the Shanghai stock exchange on Tuesday, and talking about what had happened on the financial markets over the summer
- "Of course there have been ups and downs. We've seen that through the summer. In our estimation the spillover effects, the impact of that on other financial markets, has been relatively limited"
- "And if you look at the broader picture in China, even if it's not growing at double digits the way that it once did it is still creating an economy at least the size of the United Kingdom in the next five years. So it's a massive source of global growth going forward."
-
Stay tuned for the yuan mid point setting from the PBOC (just after 0115GMT) and then the stock markets open (0130GMT)