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How important is China, really?

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Stability in the yuan's exchange rate is one key to how the world might handle China's slower economic growth.   © Reuters

The Chinese mainland is in a tough spot. And the world is feeling the pain. In the first two weeks of 2016, tumbling Chinese equities and a volatile currency knocked the wind out of global financial markets. The worry is that China's economic slowdown and a weaker yuan could harm growth the world over. The mainland economy, after all, is now the world's second largest after three decades of stellar growth.

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