we want to bring in steven jiang now. talk to us about that location and also the 700 tons of sodium cyanide that was found within that blast site. why would there be such a large quantity of this substance and how toxic is it? >> reporter: that's right, rosemary, i wish i had a live signal for you, this is a traumatic scene at a rail station. this might as well be a hollywood movie set. when you look around there is shattered glass and twisted metal, broken glass and this train stopping here, presumably since that night and time literally stopped here. there is a clock hanging there and the time on the clock was 12:00, presumably midnight, 30 minutes after the initial fire was reported. so that 30 minutes later, that powerful explosion totally ripped through this station, tore roofs open and we have fallen signage and broken train and everything else. it is the kind of force that make you understand why the authorities are not hopeful they will find any survivors. this grim picture is what you can see with your eyes. the

that but for more on the asia-pacific markets let's go to cnn's steven jiang.eijing. this volatility is not unexpected, is it? a lot of people saying this is more about a correction. >> reporter: that's right, rosemary church. as you see the shanghai composite regained much of the losses it experienced in the session. now down less than 1%. as you were pointing out, a lot of people have said this market here, the chinese statistic was not reflective of the real economy. before the june 12th crash the stock market had been experiencing a year-long bull run even though the economic growth here in china had been slowing down considerably with a lot of bleak economic data coming out including manufacturing numbers, export numbers and energy consumption levels. each with the plummeting numbers we have seen last week and today again, the market in shanghai is still up compared to a year ago. that's why people say this correction is ongoing. and is not complete yet, rosemary. >> and of course we talked about china's intervention. we saw that interest rate cut. but we'

. >> steven jiang many thanks to you. >>> the u.s. lost 212 points to finish down more than 1% on tuesday. the nasdaq and the s&p also lost ground. >>> as we've seen in the financial markets the devaluation of the yuan can have a far-reaching impact around the world. cnn's richard quest explains why it matters. >> reporter: when you look at how the yuan moved you see all these effects, whether it's going up or down. in this case, obviously it's falling. immediately we see the dollar getting stronger and that means more exports from the united states. they become more expensive. a clear negative. and chinese goods, they of course, become cheaper which means a more competitive battle. devaluing the yuan is bad for u.s. exporters and brilliant for chinese exporters. but there's more to it than that. you have to look at other currencies closely tied to the yuan that are also losing value. the australian and new zealand dollars and brazil's real were down because commodity prices also, they are priced in dollars. and those countries are bi