While many investors view China's decision to further cut its benchmark interest rates as a positive sign, John Rutledge, the chief investment strategist at Sanafad, said it makes "no difference whatsoever" for the Chinese economy. (Tweet This)
"The Chinese economy is obviously weak. The weakness is centered in industry, [and] the Chinese currency is up more than 15 percent against other emerging market currencies in the last year, and their biggest customers are weak," Rutledge said Tuesday in a CNBC "Squawk on the Street" interview, referring to the U.S. and Europe.
China's central bank, the People's Bank of China, said Tuesday it had cut interest rates for the fifth time in nine months after another poor trading session in which the Shanghai Composite shed 7.6 percent. Japan's Nikkei also fell 3.96 percent overnight.