(Bloomberg Business) -- China is the central focus of a global market rout that has left the Dow with its worst four-session performance since November 2008.

The surprise decision to devalue the Chinese yuan earlier this month served as a signal that perhaps markets were overly complacent about the condition of the world's second-largest economy. And in response to the slumping stock market and deterioration in domestic liquidity conditions, the People's Bank of China recently announced cuts to two of its policy rates and lowered the reserve requirement ratio.

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