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The Dow Jones industrial average fell 212.33 points, or 1.2 per cent, to 17,402.84. The S&P 500 rallied 1.3% to 2104, while the NASDAQ added 1.2% to 5102.

It will also extend foreign-exchange trading hours in a potential move intended to forge the convergence of the yuan’s rate in China and the rate of the currency traded outside the mainland.

After Tuesday, again on Wednesday for the continued second day the stocks in China dropped.

In the short term, China’s currency move will amplify challenges to global growth and add volatility to markets that have lost some of their fundamental anchoring, wrote Bloomberg View columnist Mohamed El-Erian, former co-chief investment officer for Pacific Investment...

The Aussie usd designed a new 6-year low early today of 0.7216 resistant to the American dollar later on Chinese unit of currency setting up saw origins allow yesterday’s one.85percent devaluation to actually be followed along with another one-.6 percent maneuver now.

“A falling yuan and a rising bilateral U.S. trade deficit with China will sharpen congressional criticism of China’s currency policies”, he said. Germany’s DAX dropped 2.9 percent, France’s CAC 40 dropped 3.1 percent, while Britain’s FTSE 100...

The move to allow more flexible trading “could help maintain the flexibilty of the country’s monetary policy as cross-border financial flows increase“, S&P said.

The most active gold contract for December delivery gained $10 (0.91 percent) to settle at $1,104.10 per ounce, Xinhua reported.

The Dow Jones industrial average spiked 241.79 points (1.39 percent) to 17,615.17. Mr Foreman said he hasn’t bought or sold stocks in reaction to China’s currency moves, as he still expects the US market to move higher over the longer run.

Shares of US carmakers with big exposure to China fell.

Those suggestions gained ammunition when the currency slid another 1.6 per cent on Wednesday.

China’s government said the move to weaken the yuan was a result of reforms intended to make its exchange rate more market-oriented.

The move hit global equities, prompting some investors to seek safe-haven assets such as gold which has now recovered around 3 percent from a 5-1/2-year low of $1,077 during a late July rout. The currency fared worse in global trade, touching 6.5888 yuan per dollar, its lowest...

China’s central bank cut its reference rate by 1.9 percent, triggering the yuan’s steepest one-day loss since the nation unified official and market exchange rates in 1994.

The value of the Chinese yuan has been gradually rising for 10 years. They had unrealistic expectations: The market has since slammed into reverse, falling by a third in less than a month and wiping away $4 trillion in wealth….