People’s Bank takes a step back from the brink–but slower growth in China central bank goal

The People’s Bank of China has taken a step back from the brink. But it’s a small step and global investors are clearly still worried that actions by China’s central bank will further slow China’s economy. The Shanghai Stock Exchange closed down 5.9% today and Hong Kong’s Hang Seng Index dropped 2.22%. In Tokyo the Nikkei 225 Index fell 1.26%.