Yuan devaluation, China slowdown a worry - Jaitley

NEW DELHI (Reuters) - An expected slowdown in China's economy and the devaluation of its yuan currency are reasons for worry, television channels quoted Finance Minister Arun Jaitley as saying on Monday after a collapse in Chinese stocks caused a global selloff.

Jaitley, who spoke after briefing Prime Minister Narendra Modi, said he wanted more steps to be taken to strengthen the Indian economy but cautioned that this could not be done in the next day or two.

Earlier, Jaitley said the factors causing turmoil on India's financial markets were external and transient.

The BSE Sensex and Nifty closed 6 percent lower on Monday and the rupee hit its lowest since an emerging markets selloff in Sept. 2013.

 

(Reporting by Rajesh Kumar Singh; Writing by Douglas Busvine; Editing by Gareth Jones)