Yuan devaluation, China slowdown a worry: FM Arun Jaitley

An expected slowdown in China's economy and the devaluation of its yuan currency are reasons for worry, television channels quoted Finance Minister Arun Jaitley as saying on Monday after a collapse in Chinese stocks caused a global selloff.

Jaitley, who spoke after briefing Prime Minister Narendra Modi, said he wanted more steps to be taken to strengthen the economy but cautioned that this could not be done in the next day or two.

Earlier, the finance minister said the factors causing turmoil on domestic financial markets were external and transient.

The Bombay Stock Exchange (BSE) Sensex and National Stock Exchange (NSE) Nifty closed 6 per cent lower on Monday and the rupee hit its lowest since an emerging markets sell-off in September 2013.

(Reuters)