Global markets steady despite further falls in Chinese shares

Indices in China avoid huge falls of Monday, but second day of declines, coupled with bets on US rates rise, put emerging markets' currencies under pressure

Global markets have steadied despite a second successive day of declines in Chinese shares, as Beijing battled to rein in the stock market turmoil that has returned to haunt the world's second-largest economy.

However, the sharp moves in China, coupled with bets on the first US interest rate hike since the financial crash, continued on Tuesday to send shockwaves through emerging markets - where currencies in particular came under pressure.

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