from yesterday's weekend Fin Review (article from The Economist)
"....Among the giants, China is in a league of its own, with a US$2 trillion arsenal of reserves, a current account surplus, little connnection to foreign banks and a budget surplus that offers lots of room to boost spending.
Since the country's leaders have made clear that they will do whatever it takes to cushion growth, China's economy is likely to slow perhaps to 8 per cent but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.
The other large economies will be harder hit, but should be able to weather the storm. India has a big budget deficit and many Brazilian firms have large foreign currency exposure. But Brazil's economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth...." p33
