This week has seen a 30% fall in the Chinese stock market, roughly valued at the same worth as the whole of the UK’s economic output last year. Also more than a third of Chinese companies ceased trading in their shares on their two main exchanges The situation with the Chinese stock market could have an effect on the value of a basket of currencies in the local vicinity and on the world wide economy.
The Norwegian krone is dependent on the oil price and over the last month, as downward pressure on the oil price has increased, we have seen the krone lose over 5% against sterling and the exchange rate is now at levels last seen pre the financial crisis.
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