"Recently, foreign exchange and equity markets in major regions of the world have experienced sharp swings in their positions, reflecting the interconnectedness of financial markets and growing concerns over a slowdown in the global economy, particularly in China and other emerging markets. Some projections indicate that global economic growth in 2016 could be slightly weaker for emerging markets, primarily Latin America, and developed economies, except the United States and the United Kingdom. During the turmoil, the U.S. stock market reportedly lost more than $2 trillion in value, although much of that value was subsequently regained. Movements in exchange rates have sparked concerns of a 'currency war' and competitive devaluations, while sharp drops in equity and commodity markets (particularly oil and metals) may reflect broader concerns over the state of global economic growth and the timing and mix of economic policies among national governments."
CRS Insight, IN10350
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html