The New York Times reports, "Mainland Chinese stock markets unexpectedly slumped again on Tuesday, with the primary index for the Shanghai market plunging by 6.2 percent. The stock sell-off was the steepest since an 8.5 percent decline in Shanghai on July 27, which was the market's biggest daily drop in eight years. The sudden drop on Tuesday came just one week after China sent a jolt through global financial markets with a surprise devaluation of its currency, the renminbi, in an attempt to reinvigorate the country's exports. There was no obvious catalyst for the drop in stocks on Tuesday. But the state intervention in mainland Chinese stock and currency markets has raised concerns that China's slowing economy could be in worse shape than official data suggests."
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