Merkel puts faith in Chinese authorities

August 24, 2015, 6:22pm
French President Francois Hollande, left, German Chancellor Angela Merkel, centre, and Ukrainian President Petro Poroshenko brief the media during a meeting at the chancellery in Berlin, Monday, Aug. 24, 2015. Markus Schreiber/AP Photograph: Markus Schreiber/AP

China stock market panic: £74bn wiped off FTSE 100 - live updates

Hundreds of billions wiped off world’s financial markets today, as Chinese rout sends shares tumbling in Europe, Asia and the US

 

Merkel puts faith in Chinese authorities

The German chancellor Angela Merkel has sought to offer reassurance to panicky investors, after the country’s main stock index crashed into bear-market territory.

Speaking at a press conference with French president François Hollande, she said:

China will do everything it can to stabilise the economic situation.

She also referred to the fact the International Monetary Fund sees the sell-off in China as an “adjustment”, not a crisis. A senior IMF officials said at the weekend “it was totally premature” to speak of a crisis in China.

President Hollande also put in his words of reassurance.

[China] will find responses within itself and the world economy is sufficiently solid to have growth perspectives that are not solely linked to the situation in China

The Guardian