The writer is chief economist for the Asia-Pacific at Natixis and senior research fellow at the Bruegel Institute
This year has not been easy for China or for investors in the country. It has been characterised by an underwhelming stock market, a weakening renminbi and capital outflows, especially from the fixed-income market.
Both trends, though, do not necessarily stand out in a global context. The hawkish turn by the US Federal Reserve on monetary policy has harmed stock markets around the world and virtually every currency has depreciated, except those tightly pegged to the dollar.
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