China Slowdown, Devaluation Concerns Overblown, Hockey Says
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Concern over the slowdown of China’s economy is overblown, and the yuan’s devaluation is welcome, according to Australia’s treasurer.
Australia’s economy “will be able to cope with what happens in China, or particularly in other parts of the world, as long as it’s not a global-wide phenomenon,” Joe Hockey said Friday in an interview at the Group of Twenty meeting in Ankara. China is “learning how to manage volatility, as reflected in their equities market.”