China again devalues its currency yuan, this time with 1.62 per cent against the US dollar.
On Tuesday, China's central bank devalued by 1.9 percent against the dollar, which resulted in a fall in stock markets in both the US and Europe.
Simultaneously oil prices fell to the lowest in six years and the price of North Sea oil for delivery in September fell by $1.23 to $49.18 a barrel.
The price of US light crude oil for delivery in September fell by $1.88 to $43.08 a barrel in New York, and not since March 2009 the price has been lower.
The Chinese central bank described Tuesday's devaluation as a one time action. Just a day later Xinhua news agency reports of another devaluation.
Analysts believe the actions are meant to help exports, which fell by 8.3 percent in July.
Companies that trade with China was particularly hard hit by Tuesday's devaluation, and the IT giant Apple's shares fell 5.2 percent on Wall Street.
Analysts believe this could have serious consequences if it continues, but so far they are not deeply concerned.
But if it's the start of something more, then it would mean a lot for the rest of the world. China has become an important export market for many countries in the West.
The globalist psychopaths vs Speisa
Your kind donations help keep Speisa up and running. For those of you who can, we ask that you make a monetary contribution. Thank you!
Why would I donate?
DON'T MISS A POST - FOLLOW US ON FACEBOOK!
Comments at Speisa are unmoderated. We do believe in free speech, but posts using foul language, as well as abusive, hateful, libelous and genocidal posts, will be deleted if seen. However, if a comment remains on the site, it in no way constitutes an endorsement by Speisa of the sentiments contained therein.comments powered by Disqus
Banned Muslims are pouring into the U.S.
After two federal judges put a temporary restraining order on President Donald Trump's immigration ban, previously banned Muslims are now in a hurry to get to the United States. "We're telling them to get on the quickest flight ASAP."