The Chinese authorities have stepped up their public relations campaign to convince sceptical investors and the world that they are in control of the country’s spluttering financial system.

China’s central bank fixed the yuan firmer again on Tuesday but traders were not convinced and the currency slipped in early trade despite what dealers called aggressive intervention to support the currency

Equity markets made early modest gains before giving these up in later morning trade with the Shanghai Composite Index falling 1.2% and the CSI300 index shedding 0.4% before recovering into positive by midday.

Other markets in the region continued to struggle with the Nikkei off 2% at lunchtime and the ASX/S&P 200 in Australia see-sawing in and out of the red.

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