Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Mnuchin dismisses risk of contagion from China's economic slowdown
© Reuters. FILE PHOTO: U.S. Secretary of the Treasury Mnuchin arrives for a news conference at the G20 Meeting of Finance Ministers in Buenos Aires
By Lesley Wroughton
JERUSALEM (Reuters) - U.S. Treasury Secretary Steven Mnuchin dismissed concerns that China's weakest economic growth since the global financial crisis could spill into other emerging markets and destabilize U.S. financial markets.
China is trying to navigate through multiple challenges after its trade war with the United States sparked a blistering sell-off in domestic stock markets and a steep decline in the yuan versus the dollar, heightening worries about its growth outlook.
"I am not concerned about that destabilizing our markets," Mnuchin said in an interview with Reuters in Jerusalem at the start of a Middle East visit and after data on Friday showed a cooling U.S. economy.
"Broadly, right now, I don't see a contagion risk," he added.
The Chinese economy's year-on-year growth was 6.5 percent in the third quarter, compared with an expected 6.6 percent and the 6.7 percent achieved in the second quarter, the National Bureau of Statistics said on Friday.
It marked the weakest year-on-year quarterly gross domestic product growth since the first quarter of 2009 at the height of the global financial crisis.
Beijing and Washington have slapped tit-for-tat tariffs on each other’s goods in recent months, sparked by U.S. President Donald Trump’s demands for sweeping changes to China’s intellectual property, industrial subsidy and trade policies.
Plans for bilateral trade talks to resolve the dispute have stalled, triggering a domestic equities rout and putting pressure on China’s softening economy and weakening currency.
Asked whether the slowing economy in China underscored the need for talks, Mnuchin said: "No, the importance is that we are focused on having a more level playing field in our economic relationship with them."
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.