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Germany's benchmark DAX index slumps

Xinhua, August 12, 2015 Adjust font size:

The benchmark DAX index at Frankfurt Stock Exchange on Tuesday went down significantly by 2.68 percent and closed at 11,293.65 points.

China's currency fell sharply in value on Tuesday following the central bank's decision to improve its "central parity system" to better reflect market development in the exchange rate between the Chinese yuan or renminbi against the U.S. dollar.

Local analysts here believe that the change also brought an impact on the confidence of investors here. The blue-chip index lost 311.13 points.

Deutsche Lufthansa AG was the only one among the 30 DAX member shares which avoided a slump. It added 0.04 percent.

On the other hand, Daimler AG plunged by 5.15 percent. Continental AG lost 4.43 percent. BMW AG St slipped by 4.26 percent. LANXESS AG, a specialty chemicals company, slid by 4.18 percent. Volkswagen AG Vz went down by 3.69 percent.

The turnover stood at 4.12 billion euros (around 4.52 billion U.S. dollars). Daimler AG was the most traded share of the day with a turnover of 560.97 million euros (around 615.54 million U.S. dollars). Endit