China exchange-traded funds declined on August 19 after Deutsche Bank analysts downgraded their growth outlook on the country, ETF Trends reports. The bank cut China’s growth outlook due to the slowdown and a possible recession in Europe and the U.S.

The German lender also said it expected growth to diminish to 7% in the coming quarters and said the Chinese economy will expand 8.3% in 2012, down from 8.6%. Morgan Stanley also lowered its estimate for China’s growth next year to 8.7% from 9%.

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