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Christian banker says "don't panic" over China's economy

by Hannah Tooley

Chris Sheldon, Chief Executive of a Christian bank, Kingdom Bank was speaking after billions of pounds was wiped off the value of shares around the world on 'Black Monday'.

It was one of the worst days of trading since 2008.

Chris Sheldon told Premier's News Hour it does affect us: "People are buying less things - and they're buying less things from the UK, and that means there's less demand, which means that there's less jobs for us in the UK.

"Having said that, I think there's been a bit of a overreaction, the indication today is that things have recovered quite a little bit from there."

After decades very fast growth China's economy seems to be slowing down.

It is not on track to reach it's goal of seven per cent GPD growth this year.

The UK imports a lot from China and it could affect the business decisions that companies make, or the firms that people could work for.

It could also affect people that have invested in Chinese companies on the stock market.

The Chief Executive Kingdom Bank added that: "People are saying well, maybe we did overreact a little bit here and actually there's some things happening that are moving things back in the right direction.

"So I don't think it's something that we need to panic about, and I don't think it's something that will make a lot of difference to us today, we just need to hang on in there for the long term to let things settle down."

Listen to Premier's Antony Bushfield speak to Chris Sheldon here:

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