However, according to former Rep. Ron Paul, the move may have given Federal Reserve Chair Janet Yellen the cover she needs to not raise rates later this year, as many market participants expect.

"She's going to be more hesitant to raise rates because she sees how fragile the global economy is," Paul told CNBC's "Futures Now" on Thursday.

"She's under the gun," he added. "I could be wrong, but I don't think they are going to raise interest rates."

According to the former Republican presidential candidate, a rapidly slowing Chinese economy adds just another headwind for an already struggling U.S. economy.

"I think there's going to be enough problems existing, whether it's the Chinese precipitating some crisis, or whether it's our economy breaking down," he said.