China's decision to depreciate the yuan was presented (albeit surprisingly) to the world as a way to bolster a recently floundering economy, but Art Cashin said Wednesday that Wall Street remains concerned for two reasons.
"What's scary here is that people are beginning to doubt the sophistication of the Chinese officials," the director of floor operations at UBS said in a CNBC "Squawk on the Street."
"Whether they are adept enough and clever enough to know where to move; they didn't look very adept when they were trying to save their stock market, and they're in an area where it can be a little dangerous," Cashin added.
Global investment markets continued to sell off after China devalued its currency for a second-straight day. All three major U.S. stock indexes shed over 1 percent, while the German DAX and the French CAX 40 both dropped over 3 percent on Wednesday.