Commentators are calling it China's "Black Monday", after the Shanghai Composite tanked 8.5% overnight.
But really it's the world's Black Monday.
European markets are getting destroyed by Chinese growth fears and every single company on the FTSE 100 stock exchange is falling right now.
There are, literally, no winners in London today.
But when it comes to losers, boy, you're spoiled for choice.
Here's just the first screen of the FTSE 100 constituents list to give you an idea of what traders are looking at this morning:
The biggest declines are in mining. Miners have the most to lose from China's cooling economy and traders are reading the market slump as yet another sign that the country won't hit growth targets this year.
If China's growth slows, that means less demand for metals and resources. Coupled with tanking commodity prices, it's a very bad day to be a miner.
Anglo American is down 5.3%, Glencore is down 5.5%, and BHP Billiton is down 5.2%.
The FTSE 100 is down 2.8% right now.