The Chinese economy, the world’s second largest, slowed to 7.5 percent annualized growth in April to June, making nine of the last 10 quarters to show weaker growth. The number was in line with expectations after 7.7 percent in the first quarter. Japanese markets were closed but others in Asia did a little better. An interesting sidebar is that China's central government has budgeted 41.3 billion yuan ($6.7 billion) to support job market growth, a 7 percent rise year over year. That number shows that social stability is still critical to the government’s thinking and perhaps that the economic growth slowdown remains a big concern to the Chinese authorities. While other governments around the world would appreciate the opportunity to be in the same situation it is a particularly Chinese dilemma. How to keep the factories humming and everyone employed without growth being unsustainable. The aussie struggled until New York opened and then did well on the day. At current aussie levels, investors have already priced waht fot the Chinese economy is a significant slowdown.