Concerns about China’s economy rippled through global markets on Wednesday, sending stocks sharply lower and putting pressure on some currencies.

The turmoil came as China devalued its currency for a second straight day, after the Chinese central bank pledged Tuesday to allow the market to play a greater role in setting the currency’s value.

The yuan fell as much as 1.98% Wednesday, after Tuesday’s move to weaken the currency by almost 2%.

The Chinese central bank intervened Wednesday to prop up the yuan in the last minutes of trading, according to people familiar with the matter, in an apparent effort to prevent an excessive fall in the currency.

Read the article “Global Stocks Fall Further after China Devalues Yuan” on wsj.com.