Coming to China, the economy is stressed by a slump in real estate, heavy debt load across companies and government bodies, industrial overcapacity and high dependence on investment and exports. The International Monetary Fund ("IMF") trimmed its global growth forecast to 3.5% for 2015 from 3.8%, while the World Bank lowered its projection for this year to 3% from 3.4%, as the sharp drop in oil prices failed to counter the all-pervasive softness. It is highly anticipated that the European Central Bank will unveil a quantitative easing program today to stimulate growth and tackle deflation, despite German opposition.