Rating agency Fitch has raised its forecasts for China's growth in 2016 and 2017. In its latest Global Economic Outlook released on Wednesday, Fitch Ratings lowered its forecast for US private investment growth, and projects 2016 GDP growing by 1.8 per cent. In China, Fitch revised the growth expectations to 6.3 percent in 2016 and 2017 from 6.2 percent and 6 percent respectively.

The rating agency cited earlier policy stimulus gaining traction in China, as well as a commitment to stabilizing near-term growth. The forecast of the Eurozone's GDP growth was also upped to 1.6 percent this year, but the growth expectation in the UK was lowered by 0.2 percent due to uncertainty ahead of the Brexit referendum.