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"China has never resorted to competitive devaluation," said Sheng, deputy head of Shanghai-based CEIBS Lujiazui Institute of International Finance. "The market plays the main role in determining the exchange rate of the RMB."

"But warming has caused the melting of many of these glaciers to increase, so they are no longer in balance and are shrinking. In other words, more water is being released each year than is being replenished by new snow."

"China has ample foreign exchange reserves and relatively large room for policy controls. China is capable and confident in coping with all sorts of challenges," said Wang Chunying, spokesperson for the State Administration of Foreign Exchange, at a press conference Thursday.

"By far it is the earliest fossil crayfish found in the world," said Shen, who has scrutinized and researched hundreds of fossil crayfish unearthed in Liaoning province, together with his colleagues.

"But that means that the market is reaching its bottom. Investors should avoid dumping shares of good companies," Yang said.