NEW YORK ¨C China¡¯s 2 percent devaluation of the yuan on Tuesday pushed the dollar higher and hit Wall Street and other global equity markets as it raised fears of a new round of currency wars and fed worries about slowing Chinese economic growth.
U.S. stock indexes slumped more than 1 percent and stocks also fell in Asia and Europe as investors contemplated the implications of a move designed to support China¡¯s slowing economy and exports. The MSCI All World Index of global shares fell 1.14 percent.
¡°What is good for growth in China is unfortunately bad for everybody else,¡± said Bill McQuaker, co-head of the multiasset team at Henderson Global Investors.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.