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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.

Authorities are hunting for the man seen on a surveillance video putting a backpack under a bench in the shrine and then walking away shortly before the blast went off.

A cheaper yuan will help Chinese exports by making them less expensive on overseas markets.

China’s Shanghai Composite plunged further this morning, opening more than six per cent down – but other major indices in Asia regained ground in morning trading as investors made the most of yesterday’s bloodbath.

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.

On Friday, the People’s Bank of China set the yuan midpoint at 6.3990 yuan to the dollar, slightly stronger than Thursday’s levels.

But officials said the site had been sealed off and, as far as they knew, any contaminants were contained in that location. Eighteen firefighters remained missing, it said.

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

Brent and US crude both fell to six and half year lows and Carsten Fritsch, oil analyst at Commerzbank, speaking at Reuters” Global Oil Forum, said the collapse was “not about oil market fundamentals’ but about China.

In addition, the PBOC is reducing the reserve requirements (RRR) for most big banks from 18.5 percent to 18.0 percent.

It also increased the amount of money available for lending by reducing the minimum reserves banks are required to hold by 0.5%.

China has sought to calm its panic-stricken stock markets by cutting interest rates and loosening constraints on bank lending after a second day of plunging share prices.

The British lobbying body is forecasting 2.6 percent growth for 2015 and 2.8 percent for 2016, up from its June’s projections of 2.4 percent and 2.5 percent respectively.