The stock market has lost more than $1 trillion in value since a market sell-off began on Friday, the New York Times reported.
The S&P 500 fell below the important benchmark of 2,000, dropping to 1,970.89, a decline of 3.2 percent. According to S&P Dow Jones indices, the index lost $1.14 trillion in value.
In addition, the Dow Jones industrial average dropped 530.94 points and declined more than 3 percent.
"World markets tumbled as investors grew increasingly concerned about economic situations in China, which unexpectedly devalued its currency last week, and the outlook for the economies of other large developing countries," writes NYT.
China devalued their currency on Aug. 11 and since that time more than $5 trillion has been wiped from global stocks.
"Investors’ concerns over China’s economic slowdown and a souring view of emerging economies have rattled financial markets around the world in recent days, and showed no signs of letting up," states NYT.
Since the stock market’s peak on June 3, the market has lost nearly $10 trillion in value.
According to the Wall Street Journal, Beijing is planning to flood its banking system with new liquidity to offset its recent currency devaluation.
"The expected move to free up more funds for lending—by reducing the deposits banks must hold in reserve—is directly aimed at countering the effects of a weaker currency, which could send more funds away from Beijing’s shores," states WSJ. "The moves reflect an economy increasingly failing to cooperate with Chinese leaders’ playbook to control the world’s No. 2 economy."