US Monitors Chinese Stock Market Due to Potential Impact - White House

© AP Photo / Jacquelyn MartinWhite House press secretary Josh Earnest
White House press secretary Josh Earnest - Sputnik International
US economic officials are closely monitoring the developments in the Chinese stock market because of their potential impact on the American economy, White House Press Secretary Josh Earnest said in a briefing on Wednesday.

WASHINGTON (Sputnik) — Earnest stated global financial markets are interconnected and activities in one market “could have an impact on other market.”

A 100 Yuan note is seen in this illustration picture in Beijing in this March 7, 2011 file photo - Sputnik International
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“The Treasury Department, but also economic officials here at the White House, do closely monitor activity on global financial markets,” Earnest said when asked whether the US administration has any concerns about the falling Chinese stock market.

Since June 2015, Shanghai stocks have plunged 30 percent with about 1,400 companies failing to halt trading in an attempt to prevent loses, according to media reports.

On June 19, 2015, Chinese Vice Finance Minister Zhu Guangyao said China and the United States must improve their coordination of mutual macroeconomic policies in light of falling global forecasts.

At present, China is facing continued economic slowdown, while the United States is seeing economic expansion, according to the World Bank.

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