After the Shanghai stock exchange suffered its worst day of trading in eight years, China's official news agency dubbed August 24th 'Black Monday'. Shares fell by nearly 9 percent - the biggest one-day drop since 2007 - impacting markets worldwide and intensifying fears about the Chinese economy.

Money

Money

Connor Campbell, an analyst at the spread betting firm Spreadex, told The Guardian: "The fog of fear over the state of the Chinese economy is only thickening, and with little in the way of non-Chinese news to come this Monday, the markets are going to struggle to escape today without some fairly ugly scars."

London's FTSE 100 index, as well as major markets in France and Germany, were down by 4 - 6% on Monday, with a total of £73.75bn wiped off the FTSE 100. Wall Street's Dow Jones initially fell 6%, but recovered as the day progressed.

Former U.S. Treasury Secretary Lawrence Summers, expressed his concerns on Twitter: "As in August 1997, 1998, 2007 and 2008 we could be in the early stage of a very serious situation."

Two weeks ago, China's central bank devalued the yuan, which intensified concern about the world's second largest economy, and caused currencies and commodities to fall sharply.