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China not facing 'cataclysmic' slowdown, says Stiglitz

The Shanghai Composite Index slid again Monday, pushing its decline in 2016 to 15 per cent


China isn't facing a "cataclysmic" economic slowdown and last week's market turmoil was more about badly designed stock market circuit breakers, said Nobel-prize-winning economist Joseph Stiglitz. The circuit breakers, which caused local exchanges to close early on two days last week after stocks plunged to a 7 per cent limit, weren't as well designed as they could be, Stiglitz, a professor at Columbia University in New York, said in a Bloomberg Television interview in Shanghai. The market closures and lower daily fixing rates for the nation's currency against the ...

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First Published: Tue, January 12 2016. 00:16 IST