Aug. 11 wasn’t a day that will go down in infamy, but it sure changed the course of the summer. China surprised investors by devaluing its currency, and the U.S. stock markets haven’t been the same since.
The fact that economic problems in China roiled America’s markets is odder than it may sound. Although Apple or McDonald’s may depend on vast new markets in China, U.S. exports to China are small overall. According to the U.S.-China Business Council, U.S. sales to China totaled $120.8 billion last year—real money in absolute terms, but less than 1 percent of the GDP.