China's GDP came in below expectations as it slid yet again year-on-year in quarter 4. During October- December period China's economy fell to an annualized 6.8% according to the National Bureau of Statistics (NBS), down from the 6.9% registered in the previous quarter.

The extent of the slowdown in China has raised concerns recently as the country witnessed the weakest rate of growth in 24 years in 2014, and is set to have grown at an even slower pace in 2015.

The International Monetary Fund (IMF) had projected a growth rate of 6.3% for China for both 2016 and 2017 in the latest release of the World Economic Outlook from last October, while cutting the growth forecast for China from the 6.7% previously projected.