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Dave Savage at the Jaeger-LeCoultre mid-season celebration. [Photo provided to China Daily]

Data released by China's National Health Commission indicates that the country's hair health industry will expand by 260 percent annually in the following decade and urban people's spending on hair care products and hair-loss treatment will surge by 30 percent in the years to come.

Daniel Ikenson, director of the Cato Institute's Center for Trade Policy Studies in Washington, said on social media: "The Chinese did not devalue their currency. The yuan has been depreciating because of the tariffs and it is no longer tenable for China to continue to prop up the yuan. There is no manipulation."

Declining issues outnumbered advancers for a 1.27-to-1 ratio on the NYSE and for a 1.10-to-1 ratio on the Nasdaq.

Dai stressed that what is happening in the AI sector is just a glimpse of the future.