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China risk sends Australian, South Korean currencies sliding

Fear of Chinese slowdown weighs on export-heavy nations

The Australian dollar touched a roughly nine-month low against the U.S. dollar last week.

TOKYO -- The currencies of Australia, South Korea and Brazil -- nations reliant on a healthy Chinese economy -- are facing sell-offs in the market as fear of an economic slowdown in China spreads.

"When China sneezes, Australia catches a cold." So says Tokuhiro Wakabayashi, co-branch manager of State Street Bank and Trust's Tokyo branch, commenting on the Australian dollar's sharp depreciation.

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