According to a latest 'Beige Book' from US Federal Reserve, economic activity in some districts has been slowing down, while some recorded modest growth in labor market. The latest financial market crash also hit consumer spending severely in some areas.
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China is working on a new financial super-regulator mechanism to take care of banking, securities and insurance segments under one umbrella. Recent turmoil in the financial markets are driving the Chinese government to revamp financial monitoring mechanism.
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