Wall Street set to fall again amid China-induced selloff

A cheaper yuan reduces the competitiveness of companies outside of China as it makes their goods and services more expensive, while reducing the value of revenue they generate in the country. Shares of U.S. automakers with a big exposure to China fell. Apple , for whom China is key growth market, fell 1 percent to $112.32 and was on course to dip to its lowest in more than six months.