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The stock markets in the United States declined today primarily to investors’ concern regarding China’s currency devaluation, a sign that the country’s economy is probably diving deeper.

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In an interview with Bloomberg, Tom Wright, director of equities at JMP Securities commented, “The driving forces today continue to be macro-oriented with China the most important. We spend a lot of time obsessing over Greece or Puerto Rico, but China is a much bigger economy and a much bigger problem to the global economy and devaluing the currency is shaking people up.”

The central bank of China reduced its daily reference rate by 1.9%. As a result, the yuan suffered the biggest one-day drop since China ended the dual-currency systems in January 1994.

The People’s Bank of China explained that its action was a one-time adjustment intended to be more aligned with supply and demand. The surprising move also had a negative impact on other equity...