(This story originally appeared in on Jan 08, 2016)

A sense of déjà vu has gripped the world markets following the China crash. It was January 2008 when the impact of the subprime crisis in the US housing sector was felt across the world, sending markets into a tailspin.Eight years on, the global market finds itself in a similar situation.This time, however, the epicentre is China, the world's second largest economy . The reason for the current crash is the weakness in the Chinese economy , which for nearly 25 years grew at an average yearly rate of 10.5%.In an attempt to protect its economy and maintain competitiveness of its products across the globe, the Chinese central bank has been devaluing yuan, its currency (also called Renminbi or RMB). In effect this make Chinese products more cheaper in the global markets. This means Indian products competing with Chinese products in the global markets will feel bigger price competition.China is the biggest con sumer of metals and al so one of the largest pro ducers of finished me tal products like steel and copper wire, etc. A weak Chinese economy is lea ding to lower demand for me tals across the world, which is affecting metal ore exporters from India. On the other hand, a lower domestic demand has prompted Chinese producers to cut prices of metal products in the exports market. This is hurting Indian metal produ cers in the exports market.Chinese producers are also flo oding their low-priced pro ducts into India adversely impacting producers here.China and India are the largest importers of crude oil.Falling demand for crude in China is good for India as a whole, but bad for those companies which are in exploration and also exports of refined petro-products.A large number of foreign players invest in BRICS (Brazil, Russia, India, China and South Africa). India has also been clubbed in the emerging market group along with countries like Indonesia and Turkey . Since troubles in China are prompting foreign investors to look for safer havens, some of them are selling out of the Indian markets.Fundamentally though the Indian economy is in a much stronger situation than most other emerging markets and China, say experts.