Australian treasury says it is closely monitoring developments in China

Comment out on Bloomberg

• engaging with RBA,APRA and ASIC on global developments

Little surprise in this emailed statement

" We continue to engage closely with the RBA, Australian Prudential Regulation Authority, and Australian Securities and Investments Commission on these developments"

Earlier in Asia the Shanghai Composite Index fell 8.2%, the largest since 2007. Losses have since been pared but concerns remain

AUDUSD still on the back foot at 0.7412