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RBA Says China Slowdown, Market Rout Raise Global Risks

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The Reserve Bank of Australia said China’s slowdown and market volatility increased risks to global growth, highlighting the economic challenges confronting new Prime Minister Malcolm Turnbull.

“International economic developments had increased the downside risks to the outlook,” the central bank said in minutes of its Sept. 1 meeting released Tuesday, in which it unusually gave global markets top billing. “But it was too early to assess the extent to which this would materially alter the forecast for GDP growth in Australia’s trading partners.”