Chinese dragon is now the elephant in the global room

As a rollercoaster week on the financial markets comes to an end, we appear to be right back where we started, writes Kyran Fitzgerald.

At the end of a rollercoaster week on the financial markets — in which Armageddon and ‘Black Monday’ sparked endless discussion about a possible repeat of the Asian and Russian crises of 1998 and much talk of a Chinese implosion and a global recession — we appear to be more or less back where we started.

Calmer conditions had returned, but many seem in agreement that a nervous US Federal Reserve will postpone its long-awaited rate hike until December.