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We are not expecting conditions to worsen in 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%.

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.

The STOXX 600 Basic Resources Index, whose constituents are mostly mining stocks, and the energy sector fell 10 % and 8.8 % respectively, as commodities slumped to multi-year lows, with China being one of the world’s biggest users of metals and oil.

The tumult began when the Dow opened Monday with a 1,000-point nosedive.

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.

Japan’s Nikkei 225 Index dropped by 4.61% to 18,540.68.

The benchmark S&P index has accumulated 9.95 percent of losses in just five sessions.

Play video “China’s Economy: What Happened?”

(Close): Wall Street fell for a fifth consecutive trading session amid a dramatic global sell-off as fears over China’s slowing economy intensified.

Many traders had hoped Beijing would take support measures, such as an interest rate cut, over the weekend after China’s main stocks markets slumped 11 percent last week.

Oil prices fell. But investors also saw opportunity, moving fast and early to snap up some bargains.

The TOPIX index of all First Section issues ended down 92.14 points, or 5.86 percent, at 1,480.87, the lowest level since February 17.

By increasing demand for them, the government hopes prices will rise. As the slide highlighted on Monday, those efforts have not been a success.