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Chinese economy still on steady growth path, says ADB chief

He adds that though Chinese stock prices have fallen significantly, they are still higher than months ago

Mr Nakao said: "Chinese consumption remains very strong and the country's service sector has great potential to grow. I am not too worried about the outlook."


ASIAN Development Bank (ADB) president Takehiko Nakao on Wednesday backed China's recent devaluation of the yuan, saying that the move had brought the Chinese currency to near its "real market value".

In his statement in a Yokohama seminar that echoed the recent backing for