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.

Chinese dragon is now the elephant in the global room

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.

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