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All eyes on China after weeks of market turmoil

China is headed for its slowest economic expansion in 25 years and markets have slumped by 40 percent.

A teller counts yuan banknotes in a bank in Lianyungang, east China’s Jiangsu province. Picture: AFP.

JOHANNESBURG - The world's markets will be keeping an eye on China this week after weeks of turmoil which has seen the rand lose major ground.

On Friday, the local currency broke through the R21 level to the pound and has been trading at around R13.87 to the dollar.

The US jobs data has contributed to the slump in the rand, but all eyes are on china.

After weeks of negative data from China playing havoc with emerging market currencies, China is hoping to move towards stability.

The country's top financial officials have told the G20 that central government spending will rise to 10 percent, promoting growth and stimulating the economy.

China is headed for its slowest economic expansion in 25 years and mainland markets have slumped 40 percent since mid-June, sending global financial markets into a tailspin.

Ailing Chinese shares dragged down Hong Kong stocks to their lowest close in two years last Wednesday.

China's financial markets were closed on Thursday and Friday to mark the 70th anniversary of the end of World War II.

It's hoped that stability in china will now have a knock-on effect worldwide.