Despite of the whole bunch of warnings in regards to emerging markets recently, little is said about largest of them, Bloomberg points out.

In fact, there are not many reasons to worry about Chinese economy. Shares in Shanghai are growing this month. Yuan is at the highest level to basket of peers in last two years. Bonds in relation to US Treasuries are stable since 2016. Nice picture also can be observed outside of financial markets: economy grows, local demand supports. That makes current situation in China quite different from other emerging markets.

However, China does not have full immunity to what worries investors from Buenos Aires to Ankara. Bank of China followed Federal Reserve in rates hike. Attempts to reduce debt can slow the economy growth and increase corporate defaults. And, finally, possible trade was with the US is still a threat to export and economic stability. This threat is the biggest challenge, analysts say.

The largest developing economy is a biggest consumer of everything from soy beans to semiconductors. It is also a key client for other emerging markets. Last year China imported 13,1% of all export from those countries.