Global stocks rally fizzles on Wall Street

Shares on Frankfurt's DAX led the way, closing nearly two percent higher, followed closely by Paris and London. Central bank chief Zhou Xiaochuan reassured that there were no "fundamental" grounds for a sharp downgrade of the renminbi, amid intense strong outflows from the country and speculator pressure in currency markets. "There is no basis for persistent renminbi depreciation from the perspective of fundamentals," Zhou said.