UBS and Citigroup revise China growth estimate down to 9%

UBS (UBS.NYSE) and Citigroup (C.NYSE) have both reduced their projections for global growth this year, to 3.3% and 3.1% respectively, including a downward revision for China, Reuters reported. China’s contribution to global economic growth is now expected to be 9%, revised down from 9.3% and 9.2% respectively. China’s growth was 9.6% in the first half. This follows downward estimates by Deutsche Bank (DB.NYSE) and Morgan Stanley (MS.NYSE) earlier this month. Citigroup’s report cited the global downturn as likely to effect China’s performance in H2. The company does not expect Beijing to hike interest rates again, but sees faster appreciation of the renminbi.