Shop 'til you drop in China

The pound may be taking a beating back home, however Chinese shoppers continued to spend at record levels in April, a sign that stronger domestic demand may be able to offset a slowdown in exports.

Retail sales rose at an annual rate of 22% last month, the fastest pace since records began in 1999, figures from the National Bureau of Statistics showed.

"For a good amount of spending, consumption in China is actually going to be quite resilient to any slowdown in external demand," said Glenn Maguire, chief economist at Societe Generale in Hong Kong.

Analysts said the rise in domestic spending was supported by an increase in minimum wages, expanding health care and policies focused particularly on boosting consumption in rural areas.