China’s PBOC Says Slowing Economy Will Stabilize, Avoid Slump

China’s central bank said the slowdown in growth in the world’s third-largest economy will likely stabilize, helping the nation avoid a slump during the second half of the year.

The economy’s fundamentals remain “good,” the People’s Bank of China said on its website today. China’s decreasing dependence on exports also means the European debt crisis is unlikely to have a large impact, the central bank said in its report for the second quarter.