The Third Wave Is Here

Last Monday, the market sighed with relief when the latest economic data on China came to light. For the third quarter this year, the Chinese Bureau of Statistics announced an economic growth rate of 6.9 percent, slightly above analysts' prediction of 6.7 percent. The Chinese government also claimed that the 2015 growth target of 7 percent was not beyond reach.

Regrettably, this optimism didn't last long. In fact, many analysts have come to doubt China's numbers. Since this August's 1.9 percent yuan devaluation, they believed that China's weakening economy was actually worse than the official data suggested. On top of this, market anxiety was growing, after renowned investment bank Goldman Sachs declared that shockwaves from the third global crisis were upon us.