Global financial market turmoil and the dollar rebound have been reflected in further equity market weakness in China and in a surge in the renminbi’s tradeweighted exchange rate. But global weakness in demand has yet to make much of a mark on the real economy. In nominal terms, export growth accelerated in the third quarter, although GDP growth fell to slightly below trend. Still, with inflation falling fast, the government will now focus on ensuring that growth does not fall too much further.