Global stocks surged Wednesday as Japan’s Nikkei 225 index staged a spectacular comeback – rising 7.7 percent, its biggest gain since the aftermath of the 2008 Lehman Brothers bankruptcy.
China’s yuan fell to four-year low on Wednesday, marking the biggest two-day decline, a day after the People’s Bank of China devalued its tightly controlled currency to support the tumbling Chinese economy.
As if the financial crisis in Greece and Puerto Rico weren’t enough, the stock markets in China are heading towards carnage. Although the stocks, today, rebound after a frenzy free fall over last two days, the country is facing financial meltdown and the biggest stock market bubble since the Great Depression.
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