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World finance ministers and central bankers gather in Turkey this weekend to grapple with the fallout of slowing growth in China, tanking emerging economies and panicked global stock markets. Signs that China's economy -- the world's second-largest -- is slowing more than expected have panicked stock markets, pushed commodity prices to fresh lows, sparked a rout in emerging market currencies and thrown into question a US interest rate rise previously expected in September. The potential chilling impact of a new cycle of US interest rate hikes fed uncertainty and concern ahead of the meeting of the Group of 20 top advanced and emerging economies.
WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week after a sharp drop the previous week, as global markets continued to whipsaw amid economic disruption in China and uncertainty over Federal Reserve interest-rate policy.