Amsterdam’s blue chip AEX index opened up 1.4% on Tuesday following Monday’s sharp drop which was caused by fears about the Chinese economy.

The Shanghai stock exchange fell further overnight but most European exchanges rose on Tuesday’s opening after billions of euros were wiped off stocks on Monday.

The Amsterdam AEX index closed down 5.2% on Monday at just under 420 points. Earlier in the day, the blue chip index had been down by as much as 9% as fears grew that the economic crisis in China could turn out to be more serious.

Monday’s loss was the biggest since 2008 and wiped out all of 2015’s gains, the Financieele Dagblad says. Shell was hard hit with a drop of 7.7% while steel maker Arcelor Mittal fell over 9%.

China’s central bank devalued the country’s currency, the yuan, two weeks ago and investors are concerned that the country’s economy could slow down significantly.