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You are here News Economy Dow plunges 767 points after China devalues its currency

Dow plunges 767 points after China devalues its currency

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Stock Market falls over trade war with ChinaA dramatic escalation of the trade war between the United States and China sparked a worldwide sell-off in markets on Monday. The Dow closed down 767 points, and the Nasdaq — a proxy for the technology companies that are particularly tied into the Chinese economy — suffered its longest losing streak since November 2016.

The Chinese government devalued the yuan to fall below its 7-to-1 ratio with the US dollar for the first time in a decade Monday. A weaker currency could soften the blow the United States has dealt China with its tariffs.
The weak yuan ignited fear on Wall Street that a currency war has begun or that the United States would respond with even higher tariffs, prolonging the standoff with China and potentially weakening the global economy. Investors are particularly concerned that the Trump administration could try to devalue the dollar, sparking a currency war that could weaken Americans' purchasing power.

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