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In China, worries are growing about weakening export demand (growth in export volumes has fallen by almost half over the past year to 11%) and falling property prices, which seem to play a role similar to equity prices elsewhere.
The Aussie was valued at 73.5 US cents in late afternoon trading, down from 74.39 US cents before the move from the People's Bank of China to prop up the country's weakening export sector and move to a more transparent trading system for the yuan.
The troubles in the industry are considerable, particularly given the weakening export environment".
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Emerging economies are being hit hard by weakening exports and the collapse of private capital flows.
Ms. Wang, at UBS, said the slowing economy and weakening exports would hurt many small Chinese businesses.
In Britain and the euro zone it may also be scaled down, partly by weakening exports and partly by tighter credit conditions.
And many have strong budget positions, leaving room for fiscal loosening to offset weakening exports.American policymakers also have tools to cushion if not forestall the downturn.
"The November numbers are not a one-off but an extension of the current trend of weakening exports," Carsten Brzeski, an economist at ING, wrote in a research note Tuesday.
In Europe, policy makers have begun to fret that, despite the debt crisis that sent investors fleeing just a few months ago, the euro has now risen sharply again against the dollar, potentially weakening exports by making European goods more expensive.
"A negative effect on gross domestic product came from foreign trade, with a strong increase in imports and weakening exports," the government body said.
India's industrial production growth slowed for a second month in May as the highest interest rates in five years crimped demand and currency gains weakened exports.
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