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. Sign up for our free newsletter 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... More