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China’s central bank today (Aug 25) cut interest rates and lowered the amount of reserves the country’s banks must hold, cranking up support for a stuttering economy and a plummeting stock market that has sent shockwaves around the globe.

The Ftse 100, which marked its biggest weekly loss of the year on Friday, has now fallen for 10 sessions in a row, its longest continuous decline since 2003.

US stocks initially posted their sharpest rally of the year in Tuesday morning trading after investors looked for bargains a day after Wall Street’s worst performance in four years.

The People’s Bank of China, the country’s central bank, on Tuesday morning moved to devalue its tightly controlled currency, the Yuan, following weaker than expected Chinese import and Export data over the weekend.

We are not expecting conditions to worsen in China.

Rupee decreased to below the Rs 66 level against the dollar for the first time in nearly two years in opening trade today.

“The political mandate of the January 25 elections has exhausted its limits and now the Greek people have to have their say”, Tsipras said in a televised address Thursday night.

European markets continued to fall during the trading session as fears of currency wars ignited a fresh bout of selling across global markets.

As Prime Minister Alexis Tsipras announced his resignation late last week, he scheduled elections for September 20.

The bill on the rescue deal passed just in time for Greek Finance Minister Euclid Tsakalotos to head to Brussels to meet his counterparts from the 19-country currency union in the hope of getting their seal of approval as well.

South Africa’s currency tumbled the most since October 2008 in thin Asia trading that exaggerated moves on Monday on concern lower prices for commodities, which account for more than half of the nation’s exports, will deepen as China’s economy slows.

According to a statement released by the European Commission (EC) immediately after the meeting, the new billion-dollar loans will be made available over the next three years to Greece by the ESM.

The local unit has shed almost 15 percent of its value against the dollar this year, pressured like other commodity currencies by slowing growth in the world’s second largest economy, as well as expectations that U.S. rates will soon rise.

Since the panic got triggered from China over its slowdown worries and its impact on the world markets, the worst of the brunt was suffered in the Chinese markets, spreading to Hong Kong, Taiwan, Japan, Australia and later in the day to Europe.

Fears that Chinese growth is weakening dragging down the global economy with it are already hammering commodities and world stock markets. For years, investors have been fretting that the market could drop sharply when the central bank starts raising rates.