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Meanwhile, the spread between the Brent and the WTI crude contracts stood at 7.08 a barrel, compared to 6.88 by close of trade on Wednesday.

The three indexes closed lower three days in a row as investors wrestled with uncertainty over increased signs of a slowdown in China’s economy and the timing of a long-expected interest rate hike by the Federal Reserve.

The People’s Bank of China reformed the exchange rate formation system on August 11 to better reflect market development in the exchange rate of the Chinese yuan against the US dollar.

The Dow did rally from that point and ended the day down 588 points.

The pan-European FTSEurofirst 300 was last down 5 percent at 1,355 points, wiping around 400 billion euros ($460.16 billion) off the index and taking its losses for the month to more than 1 trillion euros. The Nasdaq composite declined 19.76 points, or 0.4 percent, to 4,506.49....

To put the overall foreign exchange reserves number in perspective, total emerging market foreign reserves in 1999 stood at around US$610 billion. “They’re not sure what’s going to happen overseas, and that uncertainty is winning out”.

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.

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.

An index is said to be in correction when it closes 10 per cent or more below its 52-week high. All major bourses were off a similar amount.

U.S. inflation in the first half of the year was probably “markedly lower” than reported, but policymakers are unlikely to set interest rates incorrectly as a result, according to an analysis published Monday by the San Francisco Federal Reserve Bank. The Fed stepped...

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.

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.

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.