You better call your broker and check your 401k’s and stock portfolios. China is set to plunge the world into an economic crisis sending stock markets crashing by 75% with devastating consequences for the US and UK, a leading city expert has warned.

Lana Clements writing at Express reported that the sinking value of the Chinese currency is already crippling British industry as it can’t compete with China’s cheap exports.

Other Western nations are also feeling the strain.

And with even more to come experts have predicted an ‘ice age’ for the world’s economies – including Britain’s.

Global deflation is going to wipe around 75 per cent in value off the American S&P stock market, as western firms will be unable to compete with cheap Chinese exports, according to analyst Albert Edwards from french bank Societe Generale.

He blamed the upcoming ‘carnage’ on American central bank (the Fed) and its British and European counterparts for inflating prices in the first place.

American Quantitative Easing (QE) – injecting extra money into the financial system – has pushed up global asset prices, teeing up a disastrous fall, Mr Edward believes.

The FTSE 100 has been in turmoil over China since the summer

Read the full story at Express.