If grim financial news makes you panic or upset, you're probably thoroughly worried by the world's reaction to China's worsening economic situation. You're not alone. China, the world's second-largest economy after the United States, has been devaluing its currency, the Yuan. By lowering it, the cost of Chinese exports becomes more attractive to consumers in other countries.
Stock markets around the world are in panic mode. If the Chinese economy doesn't recover, it'll have a sickening ripple effect on the world economy.
China's economic boom the past couple of decades has been fueling economies all over the world, including the U.S. That's because one out of five people on the planet lives in China, and they're increasingly buying products like cars, cellphones, food, fuel and countless others.
Just today, the Dow opened to its worst decline since 2008, down more than 1,000 points early today. It has been struggling to recover. Other global stock markets today are in steep decline.
London's FTSE 100 index closed down 4.6%, according to BBC News. Stock markets in France and Germany each closed down roughly 5%.
All of which is triggering business leaders like Apple CEO Tim Cook into action. Cook, who almost never comments on the stock market, reached out to Jim Cramer, host of financial news network CNBC's "Mad Money." He has a "don't panic" type message, to give some reassurance to investors that Apple hasn't seen any declines in sales in China, it's second-largest market.
In part, this is what Cook wrote to Cramer: "I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August." He continued: "Obviously I can't predict the future, but our performance so far this quarter is reassuring."